Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 26Added
Transactions Involving St. Kitts & Nevis (FinCEN Advisory - Issue 26)
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 Federation of St. Kitts and Nevis, or involving entities organized or domiciled, or persons maintaining accounts, in St. Kitts and Nevis. Financial institutions subject to suspicious transaction reporting rules under 31 C.F.R 103.18 must carefully examine facts relating to any such transaction of $5,000 or more, U.S. dollar equivalent, to determine if reporting is required. The Treasury Department considers any report relating to a transaction described in this Advisory to constitute a report of a suspicious transaction relevant to a possible violation of law or regulation, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).