Regulatory Alerts1999-04-01 | FinCEN Advisory - Issue 11Added
Enhanced Scrutiny for Transactions Involving Antigua and Barbuda
Banks and other financial institutions must apply enhanced scrutiny to all financial transactions routed into or out of Antigua and Barbuda, or involving entities organized, domiciled, or maintained by non-resident persons in that jurisdiction. Institutions subject to suspicious activity reporting rules under 31 CFR 103.21 must carefully examine facts related to any such transaction of $5,000 or more in U.S. dollar equivalent to determine if reporting is required. The Treasury Department considers any report relating to these transactions to constitute a report of a suspicious transaction relevant to a possible violation of law, thereby triggering protections against disclosure and liability under 31 U.S.C. 5318(g)(2) and (g)(3).
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