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Can you summarize 31 CFR Part 1028?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR OPERATORS OF CREDIT CARD SYSTEMS
Short Summary
The provided legal document content pertains to the Rules for Operators of Credit Card Systems. It defines key terms such as acquiring institution, credit card, foreign bank, issuing institution, operator of a credit card system, and operator’s credit card. The document also clarifies the scope of the definition of foreign bank. It outlines the requirement for operators of credit card systems to develop and implement anti-money laundering programs, including minimum program requirements such as policies, procedures, internal controls, designation of a compliance officer, education and training, and independent audit. The document also mentions reporting requirements and cross-references to additional reporting requirements in the Code of Federal Regulations. It further discusses recordkeeping requirements and cross-references to additional recordkeeping requirements. Additionally, the document covers special information sharing procedures and special standards of diligence, prohibitions, and special measures for operators of credit card systems. The document does not specify any exemptions or penalties for non-compliance or violation of its provisions. The intended audience for this document includes operators of credit card systems, such as financial institutions or payment processors.
Whom does it apply to?
Operators of credit card systems, acquiring institutions, issuing institutions, and foreign banks engaged in banking activities in a foreign country
What does it govern?
Rules for Operators of Credit Card Systems
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
U.S. Federal Government