First Merchant Bank (Northern Cyprus)

First Merchant Bank OSH Ltd (FMB) was an offshore bank of Northern Cyprus established in 1993. As an offshore bank it was not regulated by the Central Bank of the Turkish Republic of Northern Cyprus, and not allowed to trade with Northern Cyprus residents.[1] In August 2004 the US Financial Crimes Enforcement Network (FinCEN) designated it "a financial institution of primary money laundering concern" under Section 311 of the Patriot Act.[2][3] The Northern Cyprus Ministry of Finance withdrew FMB's banking license in February 2007, and by April 2008 the bank's Ireland-registered major shareholder and its subsidiaries appeared defunct.[4]

This company is not associated with First Merchants Bank, National Association or First Merchants Corporation located in Muncie, Indiana USA.

  1. ^ Federal Register, 24 August 2004, DEPARTMENT OF THE TREASURY, 31 CFR Part 103, RIN 1506-AA65, Federal Register Volume 69, Number 163
  2. ^ Federal Deposit Insurance Corporation, 1 September 2004, Financial Institution Letters: FIL-101-2004
  3. ^ US Treasury, 24 August 2004, Treasury Employs USA PATRIOT Act Authorities to Designate Two Foreign Banks as "Primary Money Laundering Concerns"
  4. ^ Federal Register, 10 April 2008, DEPARTMENT OF THE TREASURY, 31 CFR Part 103, RIN 1506-AA89, Federal Register Volume 73, Number 70