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Proposed Rule Affects Nauru Financial Institutions

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The proposed rule aims to restrict Nauru financial institutions’ access to the U.S. financial system through correspondent accounts.

Key Provisions of the Proposed Rule

• Denies Nauru financial institutions access to the U.S. financial system through correspondent accounts.
• Prohibits certain U.S. financial institutions from maintaining correspondent accounts for or on behalf of a Nauru financial institution.
• Requires them to terminate known indirect accounts.

Impact of the Proposed Rule

The proposed rule is likely to have significant implications for Nauru financial institutions, limiting their ability to access the U.S. financial system and potentially affecting their business operations.

Conclusion

The proposed rule represents a key development in efforts to restrict Nauru’s access to the global financial system. Its potential impact on Nauru financial institutions will be closely watched by observers in the financial sector.