FinCEN proposed a rule under section 311 of the USA PATRIOT Act to revoke Banque Misr UAE's access to correspondent banking in the U.S. due to significant money laundering risks.
What changed
This proposal would prevent U.S. financial institutions from maintaining accounts for Banque Misr UAE until compliance with due diligence measures.
Compliance perspective
Financial institutions should update their compliance programs to accommodate this proposal and assess related risks.
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