FinCEN Seeking Comments on Designation of Bank of Dandong
The Treasury Department is seeking public comments as it renews an information collection that outlines certain financial restrictions against China-based Bank of Dandong, which is designated as a “primary money laundering concern.” The designation by the Financial Crimes Enforcement Network…
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prohibits U.S. financial institutions from opening or maintaining certain correspondent accounts at the bank, and requires those financial institutions to “apply due diligence to correspondent accounts they maintain on behalf of foreign financial institutions that is reasonably designed to guard against the indirect use of those accounts by Bank of Dandong.” Comments are due Sept. 25.