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Can you summarize IC 28-1-2-6.5?
Powers and Duties of the Department > Compliance with money laundering laws; investigation and enforcement by the department
Short Summary
This legal document governs the compliance of financial institutions, excluding licensees under IC 24-4.4, IC 24-4.5, or 750 IAC 9, with various money laundering laws and regulations. The financial institutions are required to comply with the Bank Secrecy Act, the USA Patriot Act of 2001, regulations established by the Financial Crimes Enforcement Network of the United States Department of the Treasury, federal money laundering statutes and regulations, and any other applicable state or federal money laundering statutes or regulations. The document also outlines the responsibilities of the department, which include investigating potential violations of state and federal money laundering statutes or regulations and enforcing compliance. The penalties for non-compliance or violation are not specified in the document.
Whom does it apply to?
Financial institutions, excluding certain licensees
What does it govern?
Compliance with money laundering laws; investigation and enforcement by the department
What are exemptions?
Licensees under IC 24-4.4, IC 24-4.5, or 750 IAC 9
What are the Penalties?
Not specified
Jurisdiction
Indiana