Monthly Archives: July 2016

U.S. Judge Orders STAY

22 July 2016

On 22 July, 2016, Judge Cooper of the U.S. District Court for the District of Columbia ordered “that implementation of final rule [imposing sanctions against FBME Bank] be STAYED until further notice from this Court.”  As such, FinCEN’s latest rule will not take effect while the parties await further word from the Court.  Judge Cooper’s stay order II is attached here.

Equality before the Law? Not with CBC or FinCEN

20 July 2016

At the end of last week it was announced by the Central Bank of Cyprus (CBC) that Hellenic Bank, a financial institution registered in the Republic of Cyprus, had failed to comply with anti-money laundering and terrorist financing legislation, and ‘know-your-customer’ obligations. These omissions or weaknesses, said the CBC, arose from “… on-site examinations conducted in September 2014, covering Hellenic Bank’s activities in the preceding years.”

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