FBME bank wins second injunction against FinCEN rule


September 21, 2016

A U.S. District Court judge issued a stay on a rule from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network against FBME Bank Ltd., saying the agency failed to offer the bank an opportunity to defend itself against allegations some of its employees concealed information from FinCEN investigators.

The ruling on Tuesday from U.S. District Judge Christopher Cooper also said FinCEN didn’t adequately disclose declassified information to the Tanzania-based bank prior to releasing its Second Final Rule, and that the agency didn’t properly respond to the bank’s “significant” concerns about the agency’s analysis of suspicious activity reports.