Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 15Added
Transactions Involving The Cook Islands (FinCEN Advisory - Issue 15)
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 Cook Islands, or involving entities organized or domiciled, or persons maintaining accounts, in the Cook Islands. Financial institutions subject to suspicious transaction reporting rules under 31 C.F.R. 103.18 must carefully examine available facts to determine if any such transaction of $5,000 or more in U.S. dollar equivalent requires reporting. The Treasury Department will consider 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 for purposes of the prohibitions against disclosure and protection from liability contained in 31 U.S.C. 5318(g)(2) and (g)(3).