What FinCEN 31 CFR Part 1022 - Money Services Business AML Program, BSA Recordkeeping and Reporting (including Virtual Currency MSBs) requires
31 CFR Part 1022 contains the rules applicable to Money Services Businesses (MSBs) under the Bank Secrecy Act, including registered convertible virtual currency administrators and exchangers classified as money transmitters under 31 CFR 1010.100(ff)(5) per FinCEN guidance FIN-2019-G001. Subpart B section 1022.210 requires every MSB to develop, implement, and maintain an effective written anti-money laundering program reasonably designed to prevent the MSB from being used to facilitate money laundering and the financing of terrorist activities, commensurate with the location, size, nature, and volume of services - the four-pillar program: (a) policies, procedures, and internal controls reasonably designed to assure compliance including customer identification, filing reports, recordkeeping, and law enforcement cooperation; (b) a designated compliance officer with day-to-day responsibility; (c) ongoing education and training of appropriate personnel; (d) independent review at a frequency and scope commensurate with risk. Subpart C contains the reporting obligations: section 1022.310 requires currency transaction reports (CTRs) on FinCEN Form 112 for cash transactions over USD 10,000 in a single day; section 1022.320 requires suspicious activity reports (SARs) on FinCEN Form 111 within 30 days of detection of any suspicious transaction or pattern of transactions involving USD 2,000 or more conducted or attempted by, at, or through the MSB. Subpart D contains the recordkeeping obligations: section 1022.380 MSB registration; section 1022.410 records of customer identification for funds transfers over USD 3,000 (Recordkeeping and Travel Rule); section 1022.420 records of transmittals of funds with originator and beneficiary information (the BSA Travel Rule for transfers USD 3,000 and above). Subpart E provides for special information sharing under 31 USC 5311 et seq. and section 314 of the USA PATRIOT Act. Civil penalty up to USD 71,945 per BSA violation under 31 USC 5321 (2025 adjustment); willful violations carry criminal penalty up to USD 250,000 and 5 years imprisonment under 31 USC 5322, with patterns of illegal activity up to USD 500,000 and 10 years.
Pillar: Crypto & Sovereign Finance · Authority: United States Department of the Treasury Financial Crimes Enforcement Network (FinCEN) under the Bank Secrecy Act 31 USC 5311-5332; 12 USC 1829b and 1951-1959; USA PATRIOT Act of 2001; Anti-Money Laundering Act of 2020 · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1022
SHA-256 integrity: aa3f03792094510ec4cb52154e3ed67b1917e6a0b614666bf66c89ebf533b8d3
Primary Citations — 8 traced to source
- 31 CFR Part 1022 Rules for Money Services Businesses https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1022
- 31 CFR 1022.210 anti-money laundering program for MSBs https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1022/subpart-B/section-1022.210
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