[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.120]

[Page 386-387]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                       DEPARTMENT OF THE TREASURY
 
PART 103--FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS--Table of Contents
 
                Subpart I--Anti-Money Laundering Programs
 
Sec. 103.120  Anti-money laundering program requirements for financial institutions regulated by a Federal functional regulator or a self-regulatory 
          organization, and casinos.


    (a) Definitions. For purposes of this section:
    (1) Financial institution means a financial institution defined in 
31 U.S.C.

[[Page 387]]

5312(a)(2) or (c)(1) that is subject to regulation by a Federal 
functional regulator or a self-regulatory organization.
    (2) Federal functional regulator means:
    (i) The Board of Governors of the Federal Reserve System;
    (ii) The Office of the Comptroller of the Currency;
    (iii) The Board of Directors of the Federal Deposit Insurance 
Corporation;
    (iv) The Office of Thrift Supervision;
    (v) The National Credit Union Administration;
    (vi) The Securities and Exchange Commission; or
    (vii) The Commodity Futures Trading Commission.
    (3) Self-regulatory organization:
    (i) Shall have the same meaning as provided in section 3(a)(26) of 
the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(26)); and
    (ii) Means a ``registered entity'' or a ``registered futures 
association'' as provided in section 1a(29) or 17, respectively, of the 
Commodity Exchange Act (7 U.S.C. 1a(29), 21).
    (4) Casino has the same meaning as provided in Sec. 103.11(n)(5).
    (b) Requirements for financial institutions regulated only by a 
Federal functional regulator, including banks, savings associations, and 
credit unions. A financial institution regulated by a Federal functional 
regulator that is not subject to the regulations of a self regulatory 
organization shall be deemed to satisfy the requirements of 31 U.S.C. 
5318(h)(1) if it implements and maintains an anti-money laundering 
program that complies with the regulation of its Federal functional 
regulator governing such programs.
    (c) Requirements for financial institutions regulated by a self-
regulatory organization, including registered securities broker-dealers 
and futures commission merchants. A financial institution regulated by a 
self-regulatory organization shall be deemed to satisfy the requirements 
of 31 U.S.C. 5318(h)(1) if:
    (1) The financial institution complies with any applicable 
regulation of its Federal functional regulator governing the 
establishment and implementation of anti-money laundering programs; and
    (2)(i) The financial institution implements and maintains an anti-
money laundering program that complies with the rules, regulations, or 
requirements of its self-regulatory organization governing such 
programs; and
    (ii) The rules, regulations, or requirements of the self-regulatory 
organization have been approved, if required, by the appropriate Federal 
functional regulator.
    (d) Requirements for casinos. A casino shall be deemed to satisfy 
the requirements of 31 U.S.C. 5318(h)(1) if it implements and maintains 
a compliance program described in Sec. 103.64.

[67 FR 21113, Apr. 29, 2002]