
On October 25, 2019, FinCEN issued a final rule imposing the Fifth Special Measure against the Islamic Republic of Iran as a “jurisdiction of primary money laundering concern” (“Final Rule”) under Section 311 of the USA PATRIOT ACT. The Final Rule will prohibit the opening or maintaining of a correspondent bank account in the U.S. for, or on behalf of, an Iranian financial institution. It also will prohibit the correspondent accounts of foreign financial institutions at covered U.S. financial institutions from processing transactions involving Iranian financial institutions.
Continue Reading FinCEN Identifies Iran as a Jurisdiction of Primary Money Laundering Concern