Anti-Money Laundering programs for money services business, mutual funds, and operators of credit card systems

Section 352 of the USA PATRIOT Act added subsection (h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the Treasury to require financial institutions to establish and maintain anti-money laundering (“AML”) programs. Pursuant to section 352, FinCEN issued regulations requiring money services businesses (“MSBs”), mutual funds, and operators of credit card systems to develop and implement a written AML program, respectively 31 CFR 1022.210, 31 CFR 1024.210, and 31 CFR 1028.210. The program must be reasonably designed to prevent these financial institutions from being used for money laundering or the financing of terrorist activities, and to achieve and monitor compliance with applicable BSA requirements.

The latest form for Anti-Money Laundering programs for money services business, mutual funds, and operators of credit card systems expires 2023-12-31 and can be found here.

Anti-Money Laundering programs for money services business, mutual funds, and operators of credit card systems

Federal Enterprise Architecture: Law Enforcement - Criminal Investigation and Surveillance