---
kind: "section"
citation: "31 C.F.R. § 566.309"
title: "31"
number: "566.309"
heading: "Foreign financial institution."
url: "https://uscodex.org/cfr/31/566.309"
---

# §566.309. Foreign financial institution.

- (a) **The term <I>foreign financial institution</I> 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](/cfr/31/566.303.md);
  - (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](/cfr/31/566.303.md); 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)](#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

[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]