§566.309. Foreign financial institution.
31 C.F.R. § 566.309
The term <I>foreign financial institution</I> means—
A foreign bank;
Any branch or office located outside the United States of a covered financial institution, as defined in § 566.303;
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
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.
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.
Notes, amendments, and revision history
Amendments
[81 FR 22186, Apr. 15, 2016, as amended at 84 FR 35310, July 23, 2019]
Authority
Authority: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); Pub. L. 114-102, 129 Stat. 2205 (50 U.S.C. 1701 note); Pub. L. 115-272, 132 Stat. 4144 (50 U.S.C. 1701 note).
Source
Source: 81 FR 22186, Apr. 15, 2016, unless otherwise noted.
Amendments
[81 FR 22186, Apr. 15, 2016, as amended at 84 FR 35310, July 23, 2019]