William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

FBME Bank (Cyprus) Permanently Denied Access to U.S. Financial System By FinCEN for Money Laundering

Posted by William Byrnes on July 24, 2015

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) yesterday issued a final rule, pursuant to Section 311 of the USA PATRIOT Act, which imposes “special FINCENmeasure five” against FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East. Special measure five prohibits U.S. financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME.  FBME was established in 1982 in Cyprus as the Federal Bank of the Middle East, Ltd., owned by Ayoub-Farid M. Saab and Fadi M. Saab.

What money laundering activities are FBME accused of facilitating?

read the full story of the money laundering activities at FinCEN Cuts FBME Bank from Access to U.S. Financial System

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