Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 24Added
Transactions Involving the Philippines (FinCEN Advisory - Issue 24)
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 Philippines due to serious deficiencies in that country's counter-money laundering systems. Institutions subject to suspicious transaction reporting rules under 31 C.F.R. 103.18 are required to carefully examine facts relating to any such transaction of $5,000 or more in U.S. dollar equivalent to determine if reporting is necessary. The Treasury Department considers any report relating to these transactions to constitute a valid suspicious transaction report, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).
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