Regulatory Alerts2002-04-29
Added
Anti-Money Laundering Programs for Money Services Businesses
FinCEN adds new § 103.125 to 31 CFR Part 103, requiring money services businesses to develop, implement, and maintain a written anti-money laundering program reasonably designed to prevent the business from being used to facilitate money laundering or terrorist financing. The program must be commensurate with the risks posed by the entity's size, location, and the nature and volume of its financial services, and must include internal policies and controls, a designated compliance officer, ongoing employee training, and periodic independent review. Existing money services businesses must comply by July 24, 2002, while new entities must establish such programs within 90 days of their establishment or by that same date, whichever is later.