Browse Arkansas Code titles and sections
23-55-606. Anti-money laundering program and reports.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-606. Anti-money laundering program and reports.
(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.
(b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.
(c) At a minimum, the program shall include:
(1) A system of internal controls to ensure ongoing compliance;
(2) Independent testing for compliance to be conducted by bank personnel or by an outside party;
(3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;
(4) Training for appropriate personnel; and
(5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation:
(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
(B)(i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
(ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.
(d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs.
(e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-606
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-55-606
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 91b1dc1cc3a989919140b7fb37a600d89e6c25eea0494d246eaaa7573338dbd2
Source location: content.xml paragraph 27047
Stored source content
23-55-606. Anti-money laundering program and reports.
(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.
(b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.
(c) At a minimum, the program shall include:
(1) A system of internal controls to ensure ongoing compliance;
(2) Independent testing for compliance to be conducted by bank personnel or by an outside party;
(3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;
(4) Training for appropriate personnel; and
(5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation:
(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
(B)(i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
(ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.
(d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs.
(e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000), and other federal and state laws pertaining to money laundering.
(f) The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.
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Federal law — U.S. Code and appendices · legal_authorities
It is the purpose of this subchapter (except section 5315) to—
(1) require certain reports or records that are highly useful in—
(A) criminal, tax, or regulatory investigations, risk assessments, or proceedings; or
(B) intelligence or counterintelligence activities, including analysis, to protect against terrorism;
(2) prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism;
(3) facilitate the tracking of money that has been sourced through criminal activity or is intended to promote criminal or terrorist activity;
(4) assess the money laundering, terrorism finance, tax evasion, and fraud risks to financial institutions, products, or services to—
(A) protect the financial system of the United States from criminal abuse; and
(B) safeguard the national security of the United States; and
(5) establish appropriate frameworks for information sharing among financial institutions, their agents and service providers, their regulatory authorities, associations of financial institutions, the Department of the Treasury, and law enforcement authorities to identify, stop, and apprehend money launderers and those who finance terrorists.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5311
Stored review status: release_metadata_unconfirmed. The source passage cites 31 U.S.C. § 5311. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 433
TITLE 31—MONEY AND FINANCE
§ 5311
§ 5304. Regulations
With the approval of the President, the Sec-
retary of the Treasury may prescribe regula-
tions—
(1) to carry out section 5301 of this title; and
(2) the Secretary considers necessary to
carry out section 5302 of this title.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 994.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
5304 .........
31:822.
May 12, 1933, ch. 25, § 44, 48
Stat. 53.
31:822b.
Jan. 30, 1934, ch. 6, § 11, 48
Stat. 342.
Before clause (1), the words ‘‘prescribe regulations’’
are substituted for ‘‘make and promulgate rules and
regulations’’ in 31:822 and ‘‘issue . . . such rules and
regulations’’ in 31:822b for consistency. In clause (1),
the words ‘‘to carry out’’ are substituted for ‘‘covering
any action taken or to be taken by the President
under’’ in 31:822 to eliminate unnecessary words. In
clause (2), the words ‘‘or proper’’ in 31:822b and ‘‘the
purposes of’’ are omitted as surplus. Reference to 31:821
is omitted as obsolete because silver is no longer
coined. Reference to 31:824 is omitted as obsolete be-
cause 31:824 is executed and is not part of the revised
title.
SUBCHAPTER II—RECORDS AND REPORTS
ON
MONETARY
INSTRUMENTS
TRANS-
ACTIONS
§ 5311. Declaration of purpose
It is the purpose of this subchapter (except
section 5315) to—
(1) require certain reports or records that
are highly useful in—
(A) criminal, tax, or regulatory investiga-
tions, risk assessments, or proceedings; or
(B) intelligence or counterintelligence ac-
tivities,
including
analysis,
to
protect
against terrorism;
(2) prevent the laundering of money and the
financing of terrorism through the establish-
ment by financial institutions of re
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 5311
Stored review status: historical_2024_not_currentness_verified. The source passage cites 31 U.S.C. § 5311. This identifies an authority to review, not proof of applicability.