Regulatory Alerts1996-03-01 | FinCEN Advisory - Issue 2Added
Enhanced Scrutiny for Transactions Involving the Seychelles Update
Banks and other financial institutions subject to the United States Bank Secrecy Act must give enhanced scrutiny to all financial transactions routed into or out of the Seychelles or involving persons domiciled there. Institutions subject to suspicious activity reporting rules under 31 CFR 103.21 must report such transactions unless the examination reveals an independent lawful business purpose. Reports filed under this advisory are considered suspicious transaction reports protected from disclosure and liability under 31 U.S.C. 5318(g)(2) and (g)(3). Institutions not yet subject to specific suspicious activity reporting rules should consider reporting obligations under other applicable laws or on a voluntary basis.
Topics
Share