On October 26, 2001, the
President signed into
law the
USA PATRIOT Act. Section 352 of the USA PATRIOT Act, which became effective on April 24, 2002, amended
31 U.S.C. 5318(h) to require
anti-money laundering programs for all
financial institutions defined in 31 U.S.C. 5312(a)(2).
Financial Institutions required to report suspicious transactions to
Financial Crimes Enforcement Network (FinCEN).[1]
31 CFR 103
Title 31 - Money and Finance: Treasury
Chapter 1 - Monetary Offices, Department of the Treasury
Part 103 - Financial Record Keeping and Reporting of Currency and Foreign Transactions
http://www.access.gpo.gov/nara/cfr/waisidx_09/31cfr103_09.html
At a minimum, the anti-money laundering programs are required to include:
- (A) The development of internal policies, procedures, and controls;
- (B) the designation of a compliance officer;
- (C) an ongoing employee training program; and
- (D) an independent audit function to test programs.
31 U.S.C. 5318(h)(1).
[1] FinCEN, Statutes and Regulations -
Federal Register Notices
http://www.fincen.gov/statutes_regs/frn/pdf/finalrule05042006.pdf
[2] FinCEN, Statutes and Regulations - Federal Register Notices, Insurance Companies
http://www.fincen.gov/statutes_regs/frn/pdf/amlforinsurancecompany.pdf
Image via Wikipedia
