WebThe Money Laundering Suppression Act of 1994 requires every MSB to be registered by an owner or controlling person of the MSB, and makes operating an unregistered MSB a Federal crime. Any person who fails to comply with the registration requirements may be liable for a civil penalty of up to $5,000 for each violation. WebThe bank should have an understanding of the money laundering and terrorist financing risks of its customers, referred to in the rule as the customer risk profile. 3See 31 CFR 1020.210 (b) (5) (i) This concept is also commonly referred to as the customer risk rating.
Bank Secrecy Act / Anti-Money Laundering (BSA/AML)
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Deterring Financial Crime with the Bank Secrecy Act
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