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Can you summarize ARCO 23-55-606?
Examinations Reports Records > Anti-money laundering program and reports.
Short Summary
This legal document governs the requirements for anti-money laundering (AML) programs and reports. It applies to licensees and authorized delegates operating in the financial services industry. The document mandates that licensees comply with state and federal laws, rules, and regulations related to the detection and prevention of money laundering. Licensees are required to maintain an AML program, which includes internal controls, independent compliance testing, designated individuals responsible for compliance, training for personnel, and risk-based procedures for ongoing customer due diligence. The program must be reviewed and updated as necessary. Licensees must also comply with the regulations of their federal functional regulator. Additionally, licensees and authorized delegates must file all reports required by federal currency reporting, record-keeping, and suspicious transaction reporting requirements. The timely filing of complete and accurate reports with the appropriate federal agency satisfies compliance, unless notified otherwise by the commissioner. Specific penalties for non-compliance or violation of the document’s provisions are not specified.
Whom does it apply to?
Licensees and authorized delegates
What does it govern?
Anti-money laundering program and reports
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Arkansas