FBME Bank Ltd

Re-opening of comment period and availability of supplemental information

PDF: 20151130.pdf

On July 29, 2015, FinCEN issued a Final Rule imposing the fifth special measure against FBME Bank Ltd. (FBME) with an effective date of August 28, 2015. On August 27, 2015, the United States District Court for the District of Columbia granted FBME's motion for a preliminary injunction and enjoined the Final Rule from taking effect. On November 6, 2015, the Court granted the Government's motion for voluntary remand to allow for further rulemaking proceedings. On November 27, 2015, FinCEN published in the Federal Register a Notice to re-open the Final Rule for 60 days to solicit additional comment in connection with the rulemaking, particularly with respect to the unclassified, non-protected documents that support the rulemaking and whether any alternatives to the prohibition of the opening or maintaining of correspondent accounts with FBME would effectively mitigate the risk to domestic financial institutions. The Notice can be found at http://www.gpo.gov/fdsys/pkg/FR-2015-11-27/pdf/2015-30119.pdf. The unclassified, non-protected documents that support the rulemaking are available at www.regulations.gov [Docket ID: FINCEN_FRDOC_0001].