U.S. Regulator Imposes Special Measure on Al-Huda Bank Over Money Laundering Concerns

Summary

The U.S. Financial Crimes Enforcement Network (FinCEN) has issued a final rule to ban U.S. banks from opening or maintaining accounts with Al-Huda Bank, a foreign Iraqi bank flagged for primary money laundering concerns, and requires them to take extra precautions to prevent transactions involving the bank.