Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 14Added
Transactions Involving The Cayman Islands (FinCEN Advisory - Issue 14)
The Financial Crimes Enforcement Network advises U.S. banks and financial institutions to apply enhanced scrutiny to transactions involving the Cayman Islands due to serious deficiencies in its counter-money laundering systems. 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 reports of such transactions to constitute suspicious activity reports, granting protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).
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