Imposition of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a notice of proposed rulemaking under the authority of section 5318A of Title 31, United States Code, to impose a special measure against Bank of Dandong. FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selected—prohibiting covered financial institutions from maintaining correspondent accounts for, or on behalf of, Bank of Dandong. In addition, covered financial institutions would be required to apply special due diligence to their foreign correspondent accounts to ensure that they are not used to process transactions involving Bank of Dandong. These additional due diligence steps are necessary to help ensure that Bank of Dandong cannot continue accessing the U.S. financial system indirectly.

The latest form for Imposition of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern expires 2021-01-31 and can be found here.