Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 13Added
Transactions Involving The Bahamas (FinCEN Advisory - Issue 13)
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 The Bahamas due to serious deficiencies in that jurisdiction's counter-money laundering systems. Institutions subject to suspicious transaction reporting rules under 31 C.F.R. 103.18 must carefully examine facts to determine if transactions of $5,000 or more require reporting. The Treasury Department considers any report relating to such transactions to constitute a suspicious transaction report for purposes of liability protection under 31 U.S.C. 5318(g)(2) and (g)(3).
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