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Can you summarize 31 CFR 1022.210?
Programs > Anti-money laundering programs for money services businesses.
Short Summary
This legal document, found in the Code of Federal Regulations, requires every money services business (as defined by 1010.100(ff) of this chapter) to develop, implement, and maintain an effective anti-money laundering program. The program should be designed to prevent the money services business from being used for money laundering and financing of terrorist activities. The program should be commensurate with the risks posed by the location, size, nature, and volume of financial services provided by the money services business. It must be in writing and made available for inspection by the Department of the Treasury upon request. The program should incorporate policies, procedures, and internal controls to ensure compliance with the regulations, including customer identification, filing reports, record-keeping, and responding to law enforcement requests. Money services businesses that have automated data processing systems should integrate compliance procedures with such systems. The program should designate a person responsible for day-to-day compliance, provide education and training to personnel, and undergo independent review. The compliance date for implementing the anti-money laundering program is specified as the later of July 24, 2002, or the end of the 90-day period following the establishment of the business.
Whom does it apply to?
Money services businesses
What does it govern?
Anti-money laundering programs for money services businesses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government