Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 21Added
Transactions Involving Nauru (FinCEN Advisory - Issue 21)
Banks and other financial institutions operating in the United States are advised to give enhanced scrutiny to all financial transactions originating in, routed to, or through the Republic of Nauru, or involving entities organized or domiciled, or persons maintaining accounts, in Nauru. Financial institutions subject to suspicious transaction reporting rules under 31 C.F.R. 103.18 must carefully examine transactions of $5,000 or more in U.S. dollar equivalent to determine if reporting is required. The Treasury Department considers any report relating to such transactions to constitute a report of a suspicious transaction relevant to a possible violation of law, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).