U.S. financial institutions generally are prohibited from doing business with foreign institutions that the Financial Crimes Enforcement Network (FinCEN) has named as conduits for terrorist financing. FinCEN recently severed ties with Iraq’s Al-Huda Bank because investigators found it had used access to U.S. dollars to support terrorists. Also, the bank’s chairman was determined to have participated in illicit activities that include money laundering. Covered U.S. institutions “must take reasonable steps” to avoid transactions with Al-Huda Bank and “apply special due diligence” to foreign correspondent accounts that might be associated with the bank. To learn more: https://bit.ly/3L3c1BH
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