Treasury Seeks Renewal of Foreign Shell Bank Prohibition Rules
May 22, 2025
May 22, 2025
WASHINGTON, May 22 (TNSFRinfo) -- The U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN), under the Department of the Treasury, has proposed renewing regulations that prohibit U.S. financial institutions from maintaining correspondent accounts for foreign shell banks--entities lacking a physical presence in any country.
This renewal, part of FinCEN's efforts to comply with the Paperwork Reduction Act of 1995, aims to ensure that U.S. banks and broker- . . .
This renewal, part of FinCEN's efforts to comply with the Paperwork Reduction Act of 1995, aims to ensure that U.S. banks and broker- . . .