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12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314, 5316-5336; title III, sec. 314 Pub. L. 107-56, 115 Stat. 307; sec. 2006, Pub. L. 114-41, 129 Stat. 457; sec. 701 Pub. L. 114-74, 129 Stat. 599; sec. 6403, Pub. L. 116-283, 134 Stat. 3388.
75 FR 65812, Oct. 26, 2010, unless otherwise noted.
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(a) Exempt financial institutions. Subject to the provisions of paragraphs (c) and (d) of this section, the following financial institutions (as defined in 31 U.S.C. 5312(a)(2) or (c)(1)) are exempt from the requirement in 31 U.S.C. 5318(h)(1) concerning the establishment of anti-money laundering programs:
(1) An agency of the United States Government, or of a State or local government, carrying out a duty or power of a business described in 31 U.S.C. 5312(a)(2); and
(2) [Reserved]
(b) Temporary exemption for certain financial institutions.
(1) Subject to the provisions of paragraphs (c) and (d) of this section, the following financial institutions (as defined in 31 U.S.C. 5312(a)(2) or (c)(1)) are exempt from the requirement in 31 U.S.C. 5318(h)(1) concerning the establishment of anti-money laundering programs:
(i) Pawnbroker;
(ii) Travel agency;
(iii) Telegraph company;
(iv) Seller of vehicles, including automobiles, airplanes, and boats;
(v) Person involved in real estate closings and settlements;
(vi) Commodity pool operator;
(vii) Commodity trading advisor; or
(viii) Investment company.
(2)—(3) [Reserved]
(c) Limitation on exemption. The exemptions described in paragraph (b) of this section shall not apply to any financial institution that is otherwise required to establish an anti-money laundering program by this chapter.
(d) Compliance obligations of deferred financial institutions. Nothing in this section shall be deemed to relieve an exempt financial institution from its responsibility to comply with any other applicable requirement of law or regulation, including title 31 of the U.S.C. and this chapter.
[75 FR 65812, Oct. 26, 2010, as amended at 77 FR 8157, Feb. 14, 2012; 85 FR 57137, Sept. 15, 2020]