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Can you summarize 31 CFR Part 1026?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR FUTURES COMMISSION MERCHANTS AND INTRODUCING BROKERS IN COMMODITIES
Short Summary
The provided legal document content governs the rules and requirements for Futures Commission Merchants (FCMs) and Introducing Brokers in Commodities (IB-Cs). It defines various terms such as ‘Account’, ‘Commodity’, ‘Contract of sale’, ‘Customer’, ‘Financial institution’, ‘Futures commission merchant’, ‘Introducing broker’, and ‘Option’. The document outlines the requirements for establishing and maintaining an anti-money laundering program, including policies, procedures, and internal controls to prevent money laundering and terrorist financing. It also governs the implementation of Customer Identification Programs (CIP) and reporting requirements for suspicious transactions. Additionally, the document addresses recordkeeping requirements and special information sharing procedures. No specific exemptions or penalties are mentioned in the provided document content.
Whom does it apply to?
Futures Commission Merchants (FCMs) and Introducing Brokers in Commodities (IB-Cs)
What does it govern?
Rules for Futures Commission Merchants and Introducing Brokers in Commodities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government