AML/CFT Website Sources: Outline

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 103.18 - Depository Institutions
31 CFR 103.20 - Money Service Business (MSB)
31 CFR 103.21 - Casinos and Card Clubs
31 CFR 103.19 - Securities and Futures Industries
31 CFR 103.16 - Insurance Companies
31 CFR 103.15 - Mutual Funds

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

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