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Can you summarize 3 NYCRR Part 417?
Non-Banking Organizations > Maintenance of Anti-money Laundering Compliance Programs by Licensed Check Cashers and Licensed Money Transmitters
Short Summary
This document pertains to licensed check cashers and licensed money transmitters in New York. It requires these entities to establish and maintain anti-money laundering programs in order to prevent money laundering through their businesses. The programs must comply with applicable Federal anti-money laundering law, including the obligation to file suspicious activity reports (SARS), and regulations promulgated by the Department of Treasury. The document outlines the minimum requirements for the anti-money laundering program, which include incorporating policies, procedures, and internal controls to ensure compliance with the regulations, designating a person responsible for day-to-day compliance, providing education and training to personnel, and conducting independent reviews. Licensees are also required to demonstrate that they have risk-based policies, procedures, and practices in place to comply with Office of Foreign Assets Control (OFAC) requirements. The document emphasizes the importance of compliance with applicable Federal requirements. The anti-money laundering program must be in writing and made available for inspection by the superintendent.
Whom does it apply to?
Licensed check cashers and licensed money transmitters in New York
What does it govern?
Establish and maintain anti-money laundering programs
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New York