Regulatory Alerts2002-04-29
Added
Anti-Money Laundering Programs for Financial Institutions
FinCEN deems banks, savings associations, credit unions, registered securities broker-dealers, futures commission merchants, and casinos to be in compliance with the Bank Secrecy Act's anti-money laundering program requirements if they maintain programs consistent with their existing federal regulator or self-regulatory organization rules. The rule temporarily exempts all other financial institutions, including dealers in precious metals, pawnbrokers, and insurance companies, from these program requirements until October 24, 2002, pending further analysis. This interim final rule, effective April 24, 2002, does not relieve exempted entities from existing cash transaction reporting obligations exceeding $10,000.
Topics
Share