Regulatory Alerts2003-02-24
Added
Anti-Money Laundering Programs for Businesses Engaged in Vehicle Sales
The Financial Crimes Enforcement Network issues an advance notice of proposed rulemaking to solicit public comments on whether businesses engaged in vehicle sales should be subject to anti-money laundering compliance and customer identification program requirements under the USA PATRIOT Act. The notice seeks input on the money laundering risks posed by vehicle sellers, including those selling automobiles, airplanes, and boats, and asks whether these entities should be exempt from or structured under Sections 352 and 326 of the Act. Written comments regarding these potential regulatory obligations must be submitted on or before April 10, 2003.
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