(a) Each money services business,
as defined by section 1010. 100(ff) of this chapter, shall develop,
implement, and maintain an effective anti-money laundering program.
An effective anti-money laundering program is one that is reasonably designed
to prevent the money services business from being used to facilitate
money laundering and the financing of terrorist activities.
(b) The program shall be commensurate with the risks posed
by the location and size of, and the nature and volume of the financial
services provided by, the money services business.
(c) The program shall be in writing, and a money services business
shall make copies of the anti-money laundering program available for
inspection to the Department of the Treasury upon request.
(d) At a minimum, the program shall:
(1) Incorporate policies, procedures, and
internal controls reasonably designed to assure compliance with this
chapter.
(i) Policies, procedures, and internal
controls developed and implemented under this section shall include
provisions for complying with the requirements of this chapter including,
to the extent applicable to the money services business, requirements
for:
(A) Verifying customer identification, including
as set forth in paragraph (d)(1)(iv) of this section;
(B) Filing Reports;
(C) Creating and retaining records;
(D) Responding to law enforcement
requests.
(ii) Money services businesses that
have automated data processing systems should integrate their compliance
procedures with such systems.
(iii) A person that is a money services
business solely because it is an agent for another money services
business as set forth in section 1022.380(a)(3), and the money services
business for which it serves as agent, may by agreement allocate between
them responsibility for development of policies, procedures, and internal
controls required by this paragraph (d)(1).
(iv) A money services business that
is a provider or seller of prepaid access must establish procedures
to verify the identity of a person who obtains prepaid access under
a prepaid program and obtain identifying information concerning such
a person, including name, date of birth, address, and identification
number. Sellers of prepaid access must also establish procedures to
verify the identity of a person who obtains prepaid access to funds
that exceed $10,000 during any one day and obtain identifying information
concerning such a person, including name, date of birth, address,
and identification number. Providers of prepaid access must retain
access to such identifying information for five years after the last
use of the prepaid access device or vehicle; such information obtained
by sellers of prepaid access must be retained for five years from
the date of the sale of the prepaid access device or vehicle.
(2) Designate a person
to assure day to day compliance with the program and this chapter.
The responsibilities of such person shall include assuring that:
(i) The money services business properly files reports, and creates
and retains records, in accordance with applicable requirements of
this chapter;
(ii)
The compliance program is updated as necessary to reflect current
requirements of this chapter, and related guidance issued by the Department
of the Treasury; and
(iii) The money services business provides appropriate training and
education in accordance with paragraph (d)(3) of this section.
(3) Provide
education and/or training of appropriate personnel concerning their
responsibilities under the program, including training in the detection
of suspicious transactions to the extent that the money services business
is required to report such transactions under this chapter.
(4) Provide for independent
review to monitor and maintain an adequate program. The scope and
frequency of the review shall be commensurate with the risk of the
financial services provided by the money services business. Such review
may be conducted by an officer or employee of the money services business
so long as the reviewer is not the person designated in paragraph
(d)(2) of this section.
(e) Compliance date. A money services business
must develop and implement an antimoney laundering program that complies
with the requirements of this section on or before the later of July
24, 2002, and the end of the 90-day period beginning on the day following
the date the business is established.
