2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3081 - Definitions

For purposes of this chapter, the following terms are defined as set forth below:
(a) Bank Secrecy Act or BSA.— Means the Currency and Foreign Transactions Reporting Act, better known as the “Bank Secrecy Act” (BSA), 31 U.S.C. §§ 5311-5330, and 12 U.S.C, §§ 1818(s), 1829(b), and 1951-1959, or any law succeeding or amending it.
(b) Code.— Means §§ 30011 et seq. of Title 13, known as the “Internal Revenue Code for a New Puerto Rico”, or any law succeeding or amending it.
(c) Commissioner.— Means the Commissioner of Financial Institutions, as defined in §§ 2001 et seq. of this title.
(d) International banking entity.— Means any person, other than an individual, to which a license has been issued, pursuant to § 232e of this title, as amended, known as the “International Banking Center Regulatory Act”, which has not been converted into an international financial institution in accordance with § 3106 of this title.
(e) International financial institution.— Means any person other than an individual, incorporated or organized under the laws of Puerto Rico, the United States, or a foreign country, or a unit of such person, to which a license has been issued pursuant to § 3087 of this title.
(f) United States.— Means the United States of America, any state of the United States, the District of Columbia, and every possession, territory, political subdivision, and agency thereof, except Puerto Rico.
(g) Insolvency.— Means the financial condition in which an international financial institution or the person of which an international financial institution is a unit may find itself, when it is unable to pay its debts as they become due or when its paid-in capital has been reduced to less than one-third (1/3).
(h) OFAC.— Means the Office of Foreign Assets Control of the United States Department of the Treasury.
(i) Person.— Means an individual, corporation, partnership, association, unit, trust or estate, syndicate or enterprise of any kind, government, agencies, instrumentalities, political subdivision, and public corporations thereof or other entities of the Government of Puerto Rico.
(j) Domestic person.— Means any natural person who is a resident of Puerto Rico, or a person incorporated or organized under the laws of Puerto Rico, or a person whose principal place of business is located in Puerto Rico, or a foreign corporation with offices, in accordance with the provisions of the Code, considered to be doing business in Puerto Rico, and the Government of Puerto Rico and the agencies, instrumentalities, political subdivision, and public corporations thereof or other entities of the Government of Puerto Rico. The Secretary of the Treasury may prescribe by regulations those instances in which foreign corporations with offices doing business in Puerto Rico shall be excluded from this definition.
(k) Foreign person.— Means any person other than a domestic person.
(l) Regulations of the Commissioner.— Means the rules and regulations adopted or to be adopted in the future by the Commissioner, in accordance with § 3082 of this title. This term also includes such regulations adopted or to be adopted in the future by the Commissioner in accordance with §§ 2001 et seq. of this title, known as the “Financial Institutions Commissioner’s Office Act”, and any regulations adopted or to be approved in the future by the Commissioner under any of the laws administered by him/her when said regulations of the Commissioner apply to the activity that an international financial institution intends to engage in.
(m) Resident of Puerto Rico.— Shall have the same meaning provided in the Code and the regulations applicable thereunder.
(n) Unit.— Includes any subdivision or branch of any person other than an individual, whose business and operations are segregated from the other business and operations of such person, as required by this chapter.
(o) USA Patriot Act.— Means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”, as amended, 115 Stat. 272 (2001).
History —Sept. 25, 2012, No. 273, § 2.