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This Advisory emphasizes the obligations of money services businesses under the Bank Secrecy Act, and outlines the information and documentation those businesses should have and be prepared to provide when seeking to open or maintain account relationships with banking organizations.
Background
Interim Final Rule - Anti-Money Laundering Programs for Dealers in Precious Metals, Stones, or Jewels
The Financial Crimes Enforcement Network (“FinCEN”) is issuing these frequently asked questions (“FAQs”) regarding the application of its interim final rule implementing section 352 of the USA PATRIOT ACT and requiring dealers in precious metals, stones or jewels to establish anti-money laundering programs. FinCEN is providing these FAQs to assist dealers in precious metals, precious stones, and jewels in understanding the scope and application of the interim final rule.
Concerning Completion of Part II of FinCEN Form 104, Currency Transaction Report
My money services business understands that Bank Secrecy Act regulations (31 C.F.R. Part 103) require, among other things, implementing a written anti-money laundering program and maintaining records of certain transactions. Because of the nature of my business, I would prefer to fulfill these requirements using a language other than English. Does the Financial Crimes Enforcement Network require money services businesses to use the English language for their anti-money laundering programs and Bank Secrecy Act records?Answer:
We are providing the following “Frequently Asked Questions” to assist insurance companies in understanding the scope of the final rules.
This advisory warns U.S. financial institutions that the U.S. Department of the Treasury has concerns that the Democratic People’s Republic of Korea (“North Korea”), acting through government agencies and associated front companies, is engaged in illicit activities and may be seeking banking services elsewhere following the finding of Banco Delta Asia SARL to be a financial institution of “primary money laundering concern” pursuant to Section 311 of the USA PATRIOT Act. Accordingly, U.S.
The Financial Crimes Enforcement Network, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (collectively, the “Federal Banking Agencies”) is issuing this guidance to confirm that under the Bank Secrecy Act and its implementing regulations (and parallel provisions issued by the Federal Banking Agencies): (1) a U.S. branch or agency of a foreign bank may disclose a Suspicious Activity Report to its head office outside the United States; and (2) a U.S.
The Financial Crimes Enforcement Network, after consulting with staff of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, is issuing this guidance to confirm that, under the Bank Secrecy Act and its implementing regulations, securities broker-dealers, futures commission merchants, and introducing brokers in commodities may share Suspicious Activity Reports with parent entities, both domestic and foreign. This guidance does not address the applicability of any other Federal or state laws.
We are issuing this guidance to clarify the date on which certain U. S. financial institutions must complete recertifications to comply with regulations relating to correspondent accounts established, maintained, administered, or managed in the United States for or on behalf of foreign financial institutions. Responses to certain frequently asked questions follow the summary background and analysis.
Background on Foreign Bank Certification Requirements
