New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 417 - Maintenance Of Anti-money Laundering Compliance Programs By Licensed Check Cashers And Licensed Money Transmitters
Section 417.2 - Anti-money laundering programs
Current through Register Vol. 46, No. 12, March 20, 2024
Each licensee, in order to guard against money laundering through their businesses, shall establish and maintain an anti-money laundering program that complies with applicable Federal anti-money laundering law (31 U.S.C. chapter 53, subchapter II)[FN*], including the obligation to file suspicious activity reports ("SARS") ( 31 U.S.C. section 5318 [g])*, and regulations promulgated by the Department of Treasury (31 CFR part 103.125)* (hereinafter referred to as "31 CFR part 103"), and, when ordered, such entities shall provide within 30 days a written report to the Superintendent of Banks (the "superintendent") detailing the extent to which each such institution has established such a program. In addition, the superintendent seeks to assure compliance with applicable regulations of the Office of Foreign Assets Control promulgated by the United States Department of the Treasury (31 CFR part 500 et seq.)*.
(a) For purposes of this Part, the required anti-money laundering program shall, at a minimum:
(b) The anti-money laundering program shall be in writing and each licensee shall make copies of the anti-money laundering program available for inspection as appropriate by the superintendent.
(c) Each licensee will further be required to demonstrate that it has in place risk-based policies, procedures and practices to ensure, to the maximum extent practicable, that it's transactions comply with OFAC requirements.
(d) Every licensee shall file SARS in accordance with applicable Federal law and regulations.
(e) Compliance with applicable Federal requirements shall constitute compliance with the provisions of this Part.
[FN*] For information regarding the United States Code (USC or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see Supervisory Policy G 1.