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Can you summarize 31 CFR 1020.210?
Programs > Anti-money laundering program requirements for banks.
Short Summary
This legal document outlines the anti-money laundering program requirements for banks regulated by a Federal functional regulator. It applies to banks, savings associations, and credit unions. To satisfy the requirements of 31 U.S.C. 5318(h)(1), a bank must implement and maintain an anti-money laundering program that complies with the specified regulations. The program should include a system of internal controls, independent testing for compliance, designation of individuals responsible for coordinating and monitoring compliance, training for personnel, and risk-based procedures for conducting ongoing customer due diligence. Customer information should include details about the beneficial owners of legal entity customers. The bank must also comply with the regulations of its Federal functional regulator. Additionally, the document provides requirements for banks lacking a Federal functional regulator, including private banks, non-federally insured credit unions, and certain trust companies. These banks must establish and maintain a written anti-money laundering program that complies with the specified regulations and is approved by the board of directors or an equivalent governing body. The program should include similar components as mentioned for banks regulated by a Federal functional regulator. The bank must make a copy of its anti-money laundering program available to the Financial Crimes Enforcement Network or its designee upon request.
Whom does it apply to?
Banks regulated by a Federal functional regulator, including banks, savings associations, and credit unions
What does it govern?
Anti-money laundering program requirements for banks
What are exemptions?
No exemptions are mentioned
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government