FBME Bank went to the counter
A US court ruling has banned Tanzanian Bank, FBME from operating in the US financial system. The ban on cooperation of FBME Bank with other American banks was initiated by the Financial Crime Enforcement Network (FinCEN); the organisation carrying out audit of banks on the subject of illegal activities. In July 2014, FBME Bank had a branch in Cyprus, however FinCEN ruled the Bank had been laundering money and supporting terrorist groups such as Hezbollah. A year later, FBME Bank filed a petition additional to the Central Bank of Cyprus, which closed all the company’s accounts.