§ 566.309 - Foreign financial institution.

§ 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.

[81 FR 22186, Apr. 15, 2016, as amended at 84 FR 35310, July 23, 2019]