May 2009
Whether a Non-Listed Insurance Company May Be Exempted from Currency Transaction Reporting
Dear [ ]:
This letter responds to your May 27, 2008 request to the Financial Crimes Enforcement Network ("FinCEN") for an administrative ruling on whether a "non-listed"1 insurance company "serves as a financial institution" and is therefore an "ineligible business" pursuant to 31 C.F.R. § 103.22(d)(6)(viii). You ask us to assume that the insurance company does not engage in any of the other activities described in 31 C.F.R. §103.22(d)(6)(viii).
Statement of James H. Freis, Jr, Director, Financial Crimes Enforcement Network, United States Department of the Treasury
Chairwoman Waters, Ranking Member Capito, and distinguished members of the Subcommittee, I am Jim Freis, Director of the Financial Crimes Enforcement Network (FinCEN), and I appreciate the opportunity to appear before you today to discuss FinCEN’s work in combating mortgage loan fraud and our role in the Administration’s effort to address the current foreclosure rescue fraud problem.