Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 17Added
Transactions Involving Israel (FinCEN Advisory - Issue 17)
The Financial Crimes Enforcement Network advises U.S. banks and financial institutions to apply enhanced scrutiny to transactions involving Israel due to serious deficiencies in the country's counter-money laundering systems, including the absence of money laundering criminalization and suspicious transaction reporting requirements. Institutions subject to 31 C.F.R. 103.18 must carefully examine facts for any transaction of $5,000 or more in U.S. dollar equivalent to determine if reporting is required under suspicious transaction rules. The Treasury Department considers any report relating to such transactions to constitute a valid suspicious transaction report, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).