FinCEN Decision Filled with Serious Factual and Legal Errors

27 July 2015

 FBME Limited has studied the final rule of the Financial Crimes Enforcement Network (FinCEN), released on 23 July 2015, and has issued the following statement:

FinCEN’s decision cannot withstand scrutiny. Although the Bank and its advisors made best efforts over the past year to explain the Bank’s AML and operational systems, transactions and activities, the serious factual and legal errors that permeate the supposed ‘final rule’ suggest that it was written by persons who disregarded the relevant submissions along with other information that was readily available to them.

The Bank intends to pursue all available redress to defend itself vigorously against this arbitrary and unjustified action, including by filing suit against the US Treasury Department in federal court in Washington DC.

Further information will be provided in due course via this FBME Limited website.