With the FinCEN’s decision, it was made illegal for US banks to open or maintain accounts with FBME due to concerns over money laundering.
With this decision by the US Federal District Court, FinCEN’s original decision is now made permanent.
The Central Bank of Cyprus announced in July 2014 that it was taking over the management operations of the Cyprus branch operations of FBME following a report in the same month by the US Financial Crimes Enforcement Network naming FBME as a “financial institution of primary money-laundering concern”.
The decision forbade US credit institutions from opening accounts with, or for, FBME Bank.
The Central Bank then revoked FBME’s licence to operate as a branch in December 2015 and activated the deposit guarantee scheme in April...