31 CFR 566.306 - Financial institution.

Regulations last checked for updates: May 18, 2024

Title 31 - Money and Finance: Treasury last revised: May 10, 2024

View all text of Subpart C [§ 566.300 - § 566.320]

§ 566.306 - Financial institution.

The term financial institution means:

(a) An insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h));

(b) A commercial bank or trust company;

(d) An agency or branch of a foreign bank in the United States;

(e) Any credit union;

(f) A thrift institution;

(g) A broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.);

(h) A broker or dealer in securities or commodities;

(i) An investment banker or investment company;

(j) A currency exchange;

(k) An issuer, redeemer, or cashier of travelers' checks, checks, money orders, or similar instruments;

(l) An insurance company;

(m) A dealer in precious metals, stones, or jewels;

(n) A loan or finance company;

(o) A licensed sender of money or any other person who engages as a business in the transmission of funds including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system;

(p) A business engaged in vehicle sales, including automobile, airplane, and boat sales;

(q) Any business or agency which engages in any activity which the Secretary of the Treasury determines, by regulation, to be an activity which is similar to, related to, or a substitute for any activity in which any business described in this paragraph is authorized to engage; or

(r) Any other business designated by the Secretary whose cash transactions have a high degree of usefulness in criminal, tax, or regulatory matters.

authority: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651,1701; 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: 81 FR 22186, Apr. 15, 2016, unless otherwise noted.

cite as: 31 CFR 566.306