The Financial Crimes Enforcement Network (FinCEN) announced today that it is providing exceptive relief under 31 U.S.C. § 5318(a)(7) and 31 C.F.R. § 1010.970 to U.S. financial institutions covered by 31 C.F.R. § 1010.651 (FinCEN’s rule imposing special measures against Burma under Section 311 of the USA PATRIOT Act). This exceptive relief permits such financial institutions to maintain correspondent accounts for Burmese banks under certain conditions.
U.S. Department of the Treasury News Release: Treasury Implements Termination of Burma Sanctions Program