Case No. SU-1788

Date issued: Aug. 23 2006

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TURBOFAC Commentary (160 words)

Notes:

This guidance letter interprets a provisions [1] of the now-repealed SSR that are broadly parallel to provisions in the NKSR (510.511/510.329), SySR (542.512/542.323) and Ukraine General License Number 6 (but not the ITSR).

[1] See https://www.govinfo.gov/content/pkg/CFR-2007-title31-vol3/xml/CFR-2007-title31-vol3.xml

As long as an entity (even a small startup, as the case with the correspondent at issue here) is properly registered with FinCEN in accordance of the current equivalent of 31 CFR 1022.380, it may process noncommercial remittances in accordance with the applicable general license. Further information about the entity at issue...