Treasury Department Final Rule

2016-04412: Financial Crimes Enforcement Network; Withdrawal of Finding Regarding JSC CredexBank

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Summary

This document withdraws FinCEN's finding that JSC CredexBank ("Credex"), renamed JSC InterPayBank ("InterPay"), is a financial institution of primary money laundering concern, pursuant to Section 311 of the USA PATRIOT Act ("Section 311"). Because of material subsequent developments that have mitigated the money laundering risks associated with Credex, FinCEN has determined that Credex is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related notice of proposed rulemaking that would have imposed two special measures against Credex.

The agency’s own summary, as published.

What this changes

Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.

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