§ 566.309. Foreign financial institution.
166 words·~1 min read·
/us/cfr/t31/s§ 566.309·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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. \[81 FR 22186, Apr. 15, 2016, as amended at 84 FR 35310, July 23, 2019\]