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Can you summarize 23 NYCRR 200.15?
Virtual Currencies > Anti-money laundering program.
Short Summary
This legal document, found in the New York Codes, Rules and Regulations, specifically in the Financial Services section under the Regulations of the Superintendent of Financial Services, pertains to the establishment and maintenance of an anti-money laundering program for licensees engaged in virtual currency activities. The program requires licensees to conduct initial and annual risk assessments, establish internal controls and policies, designate compliance personnel, provide ongoing training, and conduct independent testing. The program also includes record-keeping and reporting requirements for virtual currency transactions, monitoring for suspicious activity, and compliance with customer identification and due diligence procedures. The document emphasizes the prohibition of structuring transactions to evade reporting requirements and the prevention of obfuscating or concealing the identity of customers during virtual currency transfers. Additionally, the document outlines the responsibilities of designated individuals in overseeing the anti-money laundering program and ensuring compliance with applicable regulations. The penalties for non-compliance are not specified in this document.
Whom does it apply to?
Licensees involved in virtual currency transactions
What does it govern?
Anti-money laundering program
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New York