3.17 Are there anti-money laundering requirements for certain economic sectors, such as persons engaged in international trade or persons in certain geographical areas, such as free zones? 2.2 Are there anti-money laundering requirements imposed by self-regulatory organizations or professional associations? The Department of the Treasury is the primary federal regulator responsible for implementing and enforcing anti-money laundering laws. He delegated his authority to the Financial Crimes Enforcement Network (FinCEN), an office within the department. FinCEN drafts BSA regulations and guidelines, reviews reports filed by financial institutions, and interacts with law enforcement agencies. The prosecution of money laundering offences is the responsibility of the U.S. Department of Justice. There is a special unit within the Criminal Division of the Ministry of Justice, the Department of Money Laundering and Asset Recovery (MLARS), which is responsible for prosecuting money-laundering and related confiscation measures. The 94 U.S. prosecutors in the U.S. and its territories can also prosecute the crime of money laundering alone or with MLARS. MLARS must authorize any prosecution of a financial institution by a U.S. Attorney`s Office.
The Bank Secrecy Act: The Bank Secrecy Act (BSA), introduced in 1970, is the most important AML regulation in the United States. The BSA aims to combat money laundering and ensure that banks and financial institutions do not facilitate or complicit in money-laundering. The BSA imposes a number of compliance obligations on firms operating in the U.S. jurisdiction, including the obligation to implement a risk-based anti-money laundering regulatory program with appropriate customer due diligence (CDD) and screening measures, and to perform a number of reporting and record-keeping tasks in transaction and customer processing. Suspects. 3.12 What mechanisms exist or are currently under consideration to facilitate the exchange of information (1) between financial institutions and enterprises subject to anti-money laundering controls and/or (2) between government authorities and financial institutions and enterprises subject to anti-money laundering controls (public-private exchange of information) to help identify and report suspicious activities? 4.3 Has your country`s anti-money laundering system been assessed by an external organisation such as the FATF, regional FATFs, Council of Europe (Moneyval) or IMF? If so, when was the last review? Many states, including New York and California, have parallel anti-money laundering provisions under state law. See, for example, section 470 of the New York Penal Code. Anti-Money Laundering (AML) refers to laws, regulations, and procedures designed to prevent criminals from disguising illegally acquired funds as legitimate income. 1.6 What are the maximum penalties for natural and legal persons convicted of money laundering? 3.19 Describe the extent to which businesses subject to anti-money laundering requirements outsource their anti-money laundering compliance efforts to third parties, including any restrictions on their ability to do so.
To what extent and under what circumstances can these companies rely on their own compliance with anti-money laundering requirements or delegate responsibilities to third parties? Anti-money laundering laws and regulations target criminal activities such as market manipulation, trafficking in illicit goods, corruption of public funds and tax evasion, as well as the methods used to conceal these crimes and the money derived from them. 3.9 Describe customer identification and due diligence requirements for financial institutions and other entities subject to anti-money laundering requirements.