Regulatory Alerts2002-04-01 | FinCEN Advisory - Issue 30Added
Transactions Involving the Arab Republic of Egypt (FinCEN Advisory - Issue 30)
Banks and other financial institutions operating in the United States must apply enhanced scrutiny to transactions originating in, routed to, or involving entities or persons in Egypt due to serious deficiencies in that country's counter-money laundering systems. Institutions subject to suspicious transaction reporting rules under 31 C.F.R. Part 103 must examine available facts to determine if reporting is required, while all institutions are advised to carefully evaluate relationships lacking established, adequately identified commercial or investment enterprises. The Treasury Department confirms that reports regarding these transactions constitute valid suspicious transaction reports, granting protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).