31 CFR §1010.605 — Definitions (Special Due Diligence for Correspondent / Private Banking Accounts)
Definitions section for FinCEN Special Due Diligence rules. §1010.605(e) defines "covered financial institution" — load-bearing classification that scopes §§1010.610, 1010.620, 1010.630, 1010.670, and §1010.230 CDD.
Verbatim regulatory text
Verbatim provisions from 31 CFR §1010.605 — Definitions (Special Due Diligence for Correspondent / Private Banking Accounts) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
31 CFR §1010.605(e) — Covered financial institution classification
(e) Covered financial institution means: (1) For purposes of § 1010.610 and 1010.620:
31 CFR §1010.605(e) — Covered financial institution classification — enumerated items (chapeau recall fix)
(i) A bank required to have an anti-money laundering compliance program under the regulations implementing 31 U.S.C. 5318(h) , 12 U.S.C. 1818(s) , or 12 U.S.C. 1786(q)(1) ; (ii) A broker or dealer in securities registered, or required to be registered, with the Securities and Exchange Commission under the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ), except persons who register pursuant to section 15(b)(11) of the Securities Exchange Act of 1934 ; (iii) A futures commission merchant or an introducing broker registered, or required to be registered, with the Commodity Futures Trading Commission under the Commodity Exchange Act ( 7 U.S.C. 1 et seq. ), except persons who register pursuant to section 4(f)(a)(2) of the Commodity Exchange Act ; and (iv) A mutual fund;