31 CFR 1022.210 Anti-money laundering programs for MSBs
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§ 1021.620 31 CFR Ch. X (7–1–25 Edition)
§ 1021.620 Due diligence programs for 1022.420 Additional records to be maintained
private banking accounts. by providers and sellers of prepaid ac-
cess.
(a) Refer to § 1010.620 of this chapter.
(b) [Reserved] Subpart E—Special Information Sharing
Procedures To Deter Money Laun-
§ 1021.630 Prohibition on cor- dering and Terrorist Activity
respondent accounts for foreign
shell banks; records concerning 1022.500 General.
owners of foreign banks and agents 1022.520 Special information sharing proce-
for service of legal process. dures to deter money laundering and ter-
rorist activity for money services busi-
(a) Refer to § 1010.630 of this chapter. nesses.
(b) [Reserved] 1022.530 [Reserved]
1022.540 Voluntary information sharing
§ 1021.640 [Reserved] among financial institutions.
§ 1021.670 Summons or subpoena of Subpart F—Special Standards of Diligence;
foreign bank records; termination Prohibitions, and Special Measures for
of correspondent relationship. Money Services Businesses
(a) Refer to § 1010.670 of this chapter. 1022.600 General.
(b) [Reserved] 1022.610–1022.670 [Reserved]
AUTHORITY: 12 U.S.C. 1829b and 1951–1959; 31
PART 1022—RULES FOR MONEY U.S.C. 5311–5314 and 5316–5332; title III, sec.
SERVICES BUSINESSES 314, Pub. L. 107–56, 115 Stat. 307; sec. 701, Pub.
L. 114–74, 129 Stat. 599.
Subpart A—Definitions SOURCE: 75 FR 65812, Oct. 26, 2010, unless
otherwise noted.
Sec.
1022.100 Definitions.
Subpart A—Definitions
Subpart B—Programs § 1022.100 Definitions.
1022.200 General. Refer to § 1010.100 of this chapter for
1022.210 Anti-money laundering programs general definitions not noted herein.
for money services businesses.
Subpart C—Reports Required To Be Made Subpart B—Programs
By Money Services Businesses § 1022.200 General.
1022.300 General. Money services businesses are subject
1022.310 Reports of transactions in currency. to the program requirements set forth
1022.311 Filing obligations. and cross referenced in this subpart.
1022.312 Identification required. Money services businesses should also
1022.313 Aggregation. refer to subpart B of part 1010 of this
1022.314 Structured transactions. chapter for program requirements con-
1022.315 Exemptions. tained in that subpart which apply to
1022.320 Reports by money services busi- money services businesses.
nesses of suspicious transactions.
1022.380 Registration of money services § 1022.210 Anti-money laundering pro-
businesses. grams for money services busi-
nesses.
Subpart D—Records Required To Be
(a) Each money services business, as
Maintained By Money Services Businesses
defined by § 1010.100(ff) of this chapter,
1022.400 General. shall develop, implement, and main-
1022.410 Additional records to be made and tain an effective anti-money laun-
retained by dealers in foreign exchange. dering program. An effective anti-
money laundering program is one that
skersey on DSK4WB1RN3PROD with CFR
is reasonably designed to prevent the
money services business from being
used to facilitate money laundering
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Financial Crimes Enforc. Network, Treas. § 1022.210
and the financing of terrorist activi- and obtain identifying information
ties. concerning such a person, including
(b) The program shall be commensu- name, date of birth, address, and iden-
rate with the risks posed by the loca- tification number. Sellers of prepaid
tion and size of, and the nature and access must also establish procedures
volume of the financial services pro- to verify the identity of a person who
vided by, the money services business. obtains prepaid access to funds that ex-
(c) The program shall be in writing, ceed $10,000 during any one day and ob-
and a money services business shall tain identifying information con-
make copies of the anti-money laun- cerning such a person, including name,
dering program available for inspection date of birth, address, and identifica-
to the Department of the Treasury tion number. Providers of prepaid ac-
upon request. cess must retain access to such identi-
(d) At a minimum, the program shall: fying information for five years after
(1) Incorporate policies, procedures, the last use of the prepaid access de-
and internal controls reasonably de- vice or vehicle; such information ob-
signed to assure compliance with this tained by sellers of prepaid access must
chapter. be retained for five years from the date
(i) Policies, procedures, and internal of the sale of the prepaid access device
controls developed and implemented or vehicle.
under this section shall include provi- (2) Designate a person to assure day
sions for complying with the require- to day compliance with the program
ments of this chapter including, to the and this chapter. The responsibilities
extent applicable to the money serv- of such person shall include assuring
ices business, requirements for: that:
(A) Verifying customer identifica- (i) The money services business prop-
tion, including as set forth in para- erly files reports, and creates and re-
graph (d)(1)(iv) of this section; tains records, in accordance with appli-
(B) Filing Reports; cable requirements of this chapter;
(C) Creating and retaining records; (ii) The compliance program is up-
(D) Responding to law enforcement dated as necessary to reflect current
requests. requirements of this chapter, and re-
(ii) Money services businesses that lated guidance issued by the Depart-
have automated data processing sys- ment of the Treasury; and
tems should integrate their compliance (iii) The money services business pro-
procedures with such systems. vides appropriate training and edu-
(iii) A person that is a money serv- cation in accordance with paragraph
ices business solely because it is an (d)(3) of this section.
agent for another money services busi- (3) Provide education and/or training
ness as set forth in § 1022.380(a)(3), and of appropriate personnel concerning
the money services business for which their responsibilities under the pro-
it serves as agent, may by agreement gram, including training in the detec-
allocate between them responsibility tion of suspicious transactions to the
for development of policies, procedures, extent that the money services busi-
and internal controls required by this ness is required to report such trans-
paragraph (d)(1). Each money services actions under this chapter.
business shall remain solely respon- (4) Provide for independent review to
sible for implementation of the re- monitor and maintain an adequate pro-
quirements set forth in this section, gram. The scope and frequency of the
and nothing in this paragraph (d)(1) re- review shall be commensurate with the
lieves any money services business risk of the financial services provided
from its obligation to establish and by the money services business. Such
maintain an effective anti-money laun- review may be conducted by an officer
dering program. or employee of the money services
(iv) A money services business that is business so long as the reviewer is not
a provider or seller of prepaid access the person designated in paragraph
skersey on DSK4WB1RN3PROD with CFR
must establish procedures to verify the (d)(2) of this section.
identity of a person who obtains pre- (e) Compliance date. A money services
paid access under a prepaid program business must develop and implement
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§ 1022.300 31 CFR Ch. X (7–1–25 Edition)
an anti-money laundering program reports of transactions in currency for
that complies with the requirements of money services businesses.
this section on or before the later of
July 24, 2002, and the end of the 90-day § 1022.320 Reports by money services
period beginning on the day following businesses of suspicious trans-
the date the business is established. actions.
[75 FR 65812, Oct. 26, 2010, as amended at 76 (a) General. (1) Every money services
FR 43597, July 21, 2011; 76 FR 45419, July 29, business described in § 1010.100(ff)(1),
2011] (3), (4), (5), (6), and (7) of this chapter,
shall file with the Treasury Depart-
Subpart C—Reports Required To ment, to the extent and in the manner
Be Made By Money Services required by this section, a report of
Businesses any suspicious transaction relevant to
a possible violation of law or regula-
§ 1022.300 General. tion. Any money services business may
also file with the Treasury Depart-
Money services businesses are subject
ment, by using the form specified in
to the reporting requirements set forth
paragraph (b)(1) of this section, or oth-
and cross referenced in this subpart.
Money services businesses should also erwise, a report of any suspicious
refer to subpart C of part 1010 of this transaction that it believes is relevant
chapter for reporting requirements to the possible violation of any law or
contained in that subpart which apply regulation but whose reporting is not
to money services businesses. required by this section.
(2) A transaction requires reporting
§ 1022.310 Reports of transactions in under the terms of this section if it is
currency. conducted or attempted by, at, or
The reports of transactions in cur- through a money services business, in-
rency requirements for money services volves or aggregates funds or other as-
businesses are located in subpart C of sets of at least $2,000 (except as pro-
part 1010 of this chapter and this sub- vided in paragraph (a)(3) of this sec-
part. tion), and the money services business
knows, suspects, or has reason to sus-
§ 1022.311 Filing obligations. pect that the transaction (or a pattern
Refer to § 1010.311 of this chapter for of transactions of which the trans-
reports of transactions in currency fil- action is a part):
ing obligations for money services (i) Involves funds derived from illegal
businesses. activity or is intended or conducted in
order to hide or disguise funds or assets
§ 1022.312 Identification required. derived from illegal activity (includ-
Refer to § 1010.312 of this chapter for ing, without limitation, the ownership,
identification requirements for reports nature, source, location, or control of
of transactions in currency filed by such funds or assets) as part of a plan
money services businesses. to violate or evade any Federal law or
regulation or to avoid any transaction
§ 1022.313 Aggregation. reporting requirement under Federal
Refer to § 1010.313 of this chapter for law or regulation;
reports of transactions in currency ag- (ii) Is designed, whether through
gregation requirements for money structuring or other means, to evade
services businesses. any requirements of this chapter or of
any other regulations promulgated
§ 1022.314 Structured transactions. under the Bank Secrecy Act; or
Refer to § 1010.314 of this chapter for (iii) Serves no business or apparent
rules regarding structured transactions lawful purpose, and the reporting
for money services businesses. money services business knows of no
reasonable explanation for the trans-
skersey on DSK4WB1RN3PROD with CFR
§ 1022.315 Exemptions. action after examining the available
Refer to § 1010.315 of this chapter for facts, including the background and
exemptions from the obligation to file possible purpose of the transaction.
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