31 C.F.R. § 566.309

Current through September 30, 2024
Section 566.309 - Foreign financial institution
(a) The term foreign financial institution means:
(1) A foreign bank;
(2) Any branch or office located outside the United States of a covered financial institution, as defined in § 566.303 ;
(3) Any other person organized under foreign law (other than a branch or office of such person in the United States) that, if it were located in the United States, would be a covered financial institution, as defined in § 566.303 ; and
(4) Any person organized under foreign law (other than a branch or office of such person in the United States) that is engaged in the business of, and is readily identifiable as, a dealer in foreign exchange or a money transmitter.
(b) For purposes of paragraph (a)(4) of this section, a person is not "engaged in the business" of a dealer in foreign exchange or a money transmitter if such transactions are merely incidental to the person's business.

31 C.F.R. §566.309

81 FR 22186, Apr. 15, 2016, as amended at 84 FR 35310, July 23, 2019
81 FR 22186, 4/15/2016; as amended at 84 FR 35310, 7/23/2019