(a) Anti-money
laundering program requirements for loan or finance companies. Each loan or finance company shall develop and implement a written
anti-money laundering program that is reasonably designed to prevent
the loan or finance company from being used to facilitate money laundering
or the financing of terrorist activities. The program must be approved
by senior management. A loan or finance company 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 loan or finance company’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 loan or finance company 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, integrating the company’s agents and brokers
into its anti-money laundering program, 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, including monitoring
compliance by the company’s agents and brokers with their obligations
under the program;
(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 loan or finance company may satisfy this requirement
with respect to its employees, agents, and brokers by directly 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 loan or finance company.
(4) Provide for independent testing to
monitor and maintain an adequate program, including testing to determine
compliance of the company’s agents and brokers with their obligations
under the program. The scope and frequency of the testing shall be
commensurate with the risks posed by the company’s products and services.
Such testing may be conducted by a third party or by any officer or
employee of the loan or finance company, 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 delegates, 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 part.
(d) Compliance date. A loan or finance company must develop and implement an anti-money
laundering program that complies with the requirements of this section
by August 13, 2012.
