(a) Exempt financial institutions. Subject to the provisions of paragraphs (c) and (d) of this section,
the following financial institutions (as defined in 31 U.S.C. 5312(a)(2)
or (c)(1)) are exempt from the requirement in 31 U.S.C. 5318(h)(1)
concerning the establishment of anti-money laundering programs:
(1) An agency of the United
States Government, or of a State or local government, carrying out
a duty or power of a business described in 31 U.S.C. 5312(a)(2); and
(2) [Reserved]
(b) Temporary exemption for certain financial institutions.
(1) Subject to the provisions
of paragraphs (c) and (d) of this section, the following financial
institutions (as defined in 31 U.S.C. 5312(a)(2) or (c)(1)) are exempt
from the requirement in 31 U.S.C. 5318(h)(1) concerning the establishment
of anti-money laundering programs:
(i) Pawnbroker;
(ii) Travel agency;
(iii) Telegraph company;
(iv) Seller of vehicles, including automobiles,
airplanes, and boats;
(v) Person
involved in real estate closings and settlements;
(vi) Commodity pool operator;
(vii) Commodity trading advisor; or
(viii) Investment company.
(2) [Reserved]
(3) [Reserved]
(c) Limitation on exemption. The exemptions
described in paragraph (b) of this section shall not apply to any
financial institution that is otherwise required to establish an anti-money
laundering program by this chapter.
(d) Compliance obligations of deferred financial institutions. Nothing
in this section shall be deemed to relieve an exempt financial institution
from its responsibility to comply with any other applicable requirement
of law or regulation, including title 31 of the U.S.C. and this chapter.
