FinCEN Final Rules Blocks FBME Bank Ltd from Access to U.S. Financial System

On July 23, 2015, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule, pursuant to Section 311 of the USA PATRIOT Act, imposing “special measure five” against FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East.  Special measure five prohibits U.S. financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME.