FinCEN Repeals Special Requirements Regarding Two Burmese Banks


On September 26, the U.S. Department of Treasury announced that FinCEN is repealing a 2004 rule that required certain U.S. financial institutions to terminate correspondent or payable-through accounts for, or on behalf of, two Burmese banks, and to apply due diligence to guard against the banks’ indirect use of correspondent or payable-through accounts. The repeal takes effect upon publication in the Federal Register.