Regulatory Alerts2009-05-07
Added
Ruling on Exemption of Non-Listed Insurance Companies from Currency Transaction Reporting
FinCEN determines that non-listed insurance companies are eligible for exemption from Currency Transaction Report requirements because they do not fall within the regulatory definition of "financial institution" under 31 C.F.R. § 103.11(n). This exemption applies provided the entity is not considered an ineligible business under 31 C.F.R. § 103.22(d)(6)(viii), which would occur if more than 50% of its gross revenue derives from activities such as serving as a financial institution. The ruling relies on the assumption that the insurance company does not engage in other activities described in that regulation.
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