WASHINGTON (CN) – Belarus based, Swiss owned JSC CredexBank is a financial institution of primary money laundering concern under the PATRIOT Act, according to the Financial Crimes Enforcement Network.
FinCEN is concerned by lack off transparency at Credex and its large volume of transactions for shell companies that “obscures the purpose and ownership of funds moving through the United States.”
FinCEN wants all domestic financial institutions to maintain detailed records of any transactions with Credex and to prohibit domestic banks from opening correspondent accounts for Credex.
The public has until July 30 to comment on FinCEN’s designation and its proposed control measures.
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