Regulatory Alerts2002-04-29
Added
Anti-Money Laundering Programs for Operators of a Credit Card System
This interim final rule requires operators of credit card systems to establish and implement written anti-money laundering programs designed to prevent the system from being used for money laundering or terrorist financing. Effective April 24, 2002, each operator must have its program approved in writing by its board of directors or trustees and make it available for inspection by the Securities and Exchange Commission. The program must include internal policies and controls, independent compliance testing, a designated compliance officer, and ongoing employee training.
Topics
Share