31 CFR §1029.210 — Anti-money laundering programs for loan or finance companies
FinCEN rule for residential mortgage lenders/originators and other loan or finance companies — written AML program with four-pillar minimum content under 31 CFR §1029.210.
Verbatim regulatory text
Verbatim provisions from 31 CFR §1029.210 — Anti-money laundering programs for loan or finance companies — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
31 CFR §1029.210(a)
(a) Anti-money laundering program requirements for loan or finance companies. Each loan or finance company shall develop and implement a written anti-money laundering program that is reasonably designed to prevent the loan or finance company from being used to facilitate money laundering or the financing of terrorist activities. The program must be approved by senior management. A loan or finance company shall make a copy of its anti-money laundering program available to the Financial Crimes Enforcement Network or its designee upon request.
31 CFR §1029.210(b)
(b) Minimum requirements. At a minimum, the anti-money laundering program shall: (1) Incorporate policies, procedures, and internal controls based upon the loan or finance company's assessment of the money laundering and terrorist financing risks associated with its products and services. Policies, procedures, and internal controls developed and implemented by a loan or finance company under this section shall include provisions for complying with the applicable requirements of subchapter II of chapter 53 of title 31, United States Code and this part, integrating the company's agents and brokers into its anti-money laundering program, and obtaining all relevant customer-related information necessary for an effective anti-money laundering program. (2) Designate a compliance officer who will be responsible for ensuring that:
31 CFR §1029.210(i)
(i) The anti-money laundering program is implemented effectively, including monitoring compliance by the company's agents and brokers with their obligations under the program; (ii) The anti-money laundering program is updated as necessary; and (iii) Appropriate persons are educated and trained in accordance with paragraph (b)(3) of this section. (3) Provide for on-going training of appropriate persons concerning their responsibilities under the program. A loan or finance company may satisfy this requirement with respect to its employees, agents, and brokers by directly training such persons or verifying that such persons have received training by a competent third party with respect to the products and services offered by the loan or finance company. (4) Provide for independent testing to monitor and maintain an adequate program, including testing to determine compliance of the company's agents and brokers with their obligations under the program. The scope and frequency of the testing shall be commensurate with the risks posed by the company's products and services. Such testing may be conducted by a third party or by any officer or employee of the loan or finance company, other than the person designated in paragraph (b)(2) of this section.
31 CFR §1029.210(c)
(c) Compliance. Compliance with this section shall be examined by FinCEN or its delegates, under the terms of the Bank Secrecy Act . Failure to comply with the requirements of this section may constitute a violation of the Bank Secrecy Act and of this part.
31 CFR §1029.210(d)
(d) Compliance date. A loan or finance company must develop and implement an anti-money laundering program that complies with the requirements of this section by August 13, 2012. Bank Secrecy Act CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel Table of Authorities Accessibility About LII Contact us Advertise here Help Terms of use Privacy
Operationalizing 31 CFR §1029.210 — Anti-money laundering programs for loan or finance companies
This is verbatim, source-snapshotted regulator text from the Claude for Compliance open corpus. To turn a rule like this into compliance work product: gap-analyze your policies and procedures (P&Ps) against these requirements to surface stale, conflicting, or missing provisions; operationalize any change with a ready-to-run update kit; and produce audit-ready evidence — every step grounded only in the regulator’s own words, never invented.
Source of record: https://claudeforcompliance.com/regs/bsa-31cfr-1029-210/
· register bsa-31cfr-1029-210 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.