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NEW YORK, Oct 27 - A U.S. judge on Friday refused to block the Federal Reserve Bank of New York from terminating a Puerto Rican bank's access to the U.S. central banking system, as part of a crackdown on lenders with links to Venezuela.
The bank sued in July to stop the New York Fed from terminating its"master account," which lets banks access the Fed's electronic payment system, over concerns it was not complying with U.S. sanctions and anti-money laundering rules. The bank said that suspension cost it more than 90% of its customers, and it was"unlikely to survive" the termination of its account.
"Accepting deposits from and providing financial services to a financial institution with BSJI's record of noncompliance exposes the FRBNY and the financial system to risk," Koeltl wrote."Granting BSJI's motion for emergency relief would place the public in harm's way."
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