Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 20Added
Transactions Involving the Marshall Islands (FinCEN Advisory - Issue 20)
Banks and other financial institutions operating in the United States must give enhanced scrutiny to all financial transactions originating into, routed to, or through the Republic of the Marshall Islands, or involving entities organized or domiciled, or persons maintaining accounts, in the Marshall 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 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).