A futures commission merchant and an introducing
broker in commodities shall be deemed to satisfy the requirements
of 31 U.S.C. 5318(h)(1) if the futures commission merchant or introducing
broker in commodities implements and maintains a written anti-money
laundering program approved by senior management that:
(a)
Complies with the requirements of sections 1010.610 and 1010.620 of
this chapter and any applicable regulation of its Federal functional
regulator governing the establishment and implementation of anti-money
laundering programs;
(b) Includes, at a minimum:
(1) The establishment and implementation
of policies, procedures, and internal controls reasonably designed
to prevent the financial institution from being used for money laundering
or the financing of terrorist activities and to achieve compliance
with the applicable provisions of the Bank Secrecy Act and the implementing
regulations thereunder;
(2) Independent
testing for compliance to be conducted by the futures commission merchant
or introducing broker in commodities’ personnel or by a qualified
outside party;
(3) Designation of
an individual or individuals responsible for implementing and monitoring
the operations and internal controls of the program;
(4) Ongoing training for appropriate persons;
(5) Appropriate risk-based procedures
for conducting ongoing customer due diligence, to include, but not
be limited to:
(i)
Understanding the nature and purpose of customer relationships for
the purpose of developing a customer risk profile; and
(ii) Conducting ongoing monitoring to
identify and report suspicious transactions and, on a risk basis,
to maintain and update customer information. For purposes of this
paragraph (b)(5)(ii), customer information shall include information
regarding the beneficial owners of legal entity customers (as defined
in section 1010.230 of this chapter); and
(c) Complies with the rules, regulations, or requirements of its
self-regulatory organization governing such programs, provided that
the rules, regulations, or requirements of the self-regulatory organization
governing such programs have been made effective under the Commodity
Exchange Act by the appropriate Federal functional regulator in consultation
with FinCEN.
