(a) Anti-money
laundering program requirements for housing government sponsored enterprises. Each housing government sponsored enterprise shall develop and implement
a written anti-money laundering program that is reasonably designed
to prevent the housing government sponsored enterprise from being
used to facilitate money laundering or the financing of terrorist
activities. The program must be approved by senior management. A housing
government sponsored enterprise shall make a copy of its anti-money
laundering program available to the Financial Crimes Enforcement Network
or its designee upon request.
(b) Minimum requirements. At a minimum, the anti-money laundering
program shall:
(1) Incorporate
policies, procedures, and internal controls based upon the housing
government sponsored enterprise’s assessment of the money laundering
and terrorist financing risks associated with its products and services.
Policies, procedures, and internal controls developed and implemented
by a housing government sponsored enterprise under this section shall
include provisions for complying with the applicable requirements
of subchapter II of chapter 53 of title 31, United States Code and
this part, and obtaining all relevant customer-related information
necessary for an effective anti-money laundering program.
(2) Designate a compliance officer who
will be responsible for ensuring that:
(i) The anti-money laundering program
is implemented effectively;
(ii)
The anti-money laundering program is updated as necessary; and
(iii) Appropriate persons are educated
and trained in accordance with paragraph (b)(3) of this section.
(3) Provide for on-going
training of appropriate persons concerning their responsibilities
under the program. A housing government sponsored enterprise may satisfy
this requirement by training such persons or verifying that such persons
have received training by a competent third party with respect to
the products and services offered by the housing government sponsored
enterprise.
(4) Provide for independent
testing to monitor and maintain an adequate program. The scope and
frequency of the testing shall be commensurate with the risks posed
by the housing government sponsored enterprise’s products and services.
Such testing may be conducted by a third party or by any officer or
employee of the housing government sponsored enterprise, other than
the person designated in paragraph (b)(2) of this section.
(c) Compliance. Compliance with
this section shall be examined by FinCEN or its delegate, under the
terms of the Bank Secrecy Act. Failure to comply with the requirements
of this section may constitute a violation of the Bank Secrecy Act
and of this chapter.
(d) Compliance
date. A housing government sponsored enterprise must develop
and implement an anti-money laundering program that complies with
the requirements of this section on or before August 25, 2014.
