AML Regulations

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AML Compliance Regulations

Anti-money laundering (AML) regulations were put in place to prevent a money services business (MSB) from being used to facilitate money laundering and the financing of terrorism. AML regulations stipulate at an AML compliance program be setup, with the minimum requirements:

Anti-money laundering (AML) regulations were put in place to prevent a money services business (MSB) from being used to facilitate money laundering and the financing of terrorism. AML regulations stipulate at an AML compliance program be setup, with the minimum requirements:

Incorporate policies, procedures & internal controls to comply with the Bank Secrecy Act (BSA) including:
Verifying customer identification
Filing reports
Detecting suspicious activity
Creating and retaining records
Responding to law enforcement requests

Designate a compliance officer to assure daily compliance with the program. The responsibilities of such person include assuring that:

The business properly files reports and creates and retains records
The compliance program is updated as necessary to reflect current requirements and related guidance issued by the Department of Treasury
The business provides appropriate training and education

Provide for ongoing training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions.


Provide for an independent review to monitor and maintain an adequate program.
Such review may be conducted by an officer or employee of the MSB so long as the reviewer is not the person designated as the compliance officer.

In addition, 31 CFR 103 provides that compliance programs should be commensurate with the risks posed by the location and size of, and the nature and volume of financial services provided by, the money services business.