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Can you summarize 31 CFR Part 1022?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR MONEY SERVICES BUSINESSES
Short Summary
The provided legal document content pertains to the Rules for Money Services Businesses under the Financial Crimes Enforcement Network, Department of the Treasury. These rules govern the operations and activities of Money Services Businesses (MSBs). MSBs are entities engaged in providing services such as currency exchange, money transmission, check cashing, and prepaid access. The document refers to 1010.100 of the Code of Federal Regulations for general definitions. The rules apply to all Money Services Businesses and outline various requirements and obligations that MSBs must comply with. These include registration with the Financial Crimes Enforcement Network (FinCEN), implementation of anti-money laundering (AML) programs, reporting of suspicious activities, recordkeeping, and compliance with the Bank Secrecy Act (BSA) regulations. The document does not specify any exemptions from these rules. However, it is important to note that the penalties for non-compliance or violation of the provisions are not mentioned in the provided document.
Whom does it apply to?
Money Services Businesses (MSBs)
What does it govern?
Rules for Money Services Businesses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance or violation of the provisions are not mentioned in the provided document.
Jurisdiction
U.S. Federal Government