The US Treasury's Financial Crimes Enforcement Network is issuing a final rule to prohibit US financial institutions from opening or maintaining correspondent accounts for, or on behalf of, FBME Bank Ltd.

The ban comes in place of an earlier such rule from 29 July. On 27 August, though, 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 6 November a court granted FinCEN’s motion for voluntary remand to allow for further rulemaking proceedings. After a comment period, FinCEN considered all of the special measures available to it under section 311 USA PATRIOT Act. Once the Secretary of the Treasury determines that a foreign financial institution is of primary money laundering concern, s311 gives him the authority to require domestic financial institutions and financial agencies to take certain special measures against the entity. These are to do with:

• recordkeeping and reporting certain transactions;
• collection of information relating to beneficial ownership;
• collection of information relating to certain payable-through accounts;
• collection of information relating to certain correspondent accounts; and/or
• prohibition or conditions on the opening or maintaining of correspondent or payable-through accounts.

The Treasury chose the fifth special measure, or rather FinCEN did so on its behalf.

FBME's website proclaims that it is able to help its international clientèle of individual clients who wish to "take advantage of" the setting up and administration of various types of trust; asset management, financial planning and advisory services; cross-border estate planning and administration services that preserve wealth and facilitate its transfer in a confidential and tax efficient manner; and wealth management and asset restructuring.