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United States Of America

United States Of America

Global AML Guide

1. Are there any sanctions imposed against United States of America?
    There are no sanctions imposed against United States of America.
2. What are the regulated institutions in United States of America?
    Banks, including savings associations, trust companies, credit unions, branches and subsidiaries of foreign banks in the United States and Edge corporations. Broker-dealers in securities, Mutual Funds, Futures Commission Merchants and Introducing Brokers in Commodities, Money Service Businesses, Dealers in foreign exchange, Cheque cashers, Money transmitters, Issuers and sellers of travellers’ cheques and money orders. Providers and sellers of prepaid access; Insurance companies, Casinos and Card Clubs, Operators of Credit Card Systems, Non-bank Mortgage Lenders and Originators, Dealers in Precious Metals, Precious Stones, or Jewels, Housing Government-Sponsored Enterprises.
3.Who are the local regulatory authorities in United States of America, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The Money Laundering and Asset Recovery Section (“MLARS”) U.S. Department of Justice and Criminal Division of the Department of Justice.
4. What is the status of United States of America's FATF?
    USA is not include in FATF list of countries that have been identified as having strategic AML deficiencies. According to the latest follow-up Mutual Evaluation Report, the USA was deemed Compliant for 9 and largely compliant for 22 of the FATF 40 Recommendations. It was also deemed Highly Effective for 4 and Substantially Effective for 4 with regard to the 11 areas of the Effectiveness of its AML/CFT Regime.
5. Which global regulations United States of America have to comply with?
    USA implement UN sanctions.
6. What are the AML obligations of the businesses in United States of America?
    All the financial institutions and financial businesses subject to the BSA are required to maintain risk-based AML programs to guard against money laundering with four minimum requirements;
    1. policies, procedures and internal controls
    2. designation of a compliance officer
    3. training
    4. periodic independent testing of the program.
7. What are the local AML laws and regulations in United States of America?
    There are two money laundering criminal provisions, 18 United States Code, Sections 1956 and 1957.
8. What are the penalties for failure to comply with Anti-Money Laundering law in United States of America?
    BSA civil and/or criminal penalties may be imposed against financial institutions and other businesses subject to the BSA and/or their officers, directors, and employees. The penalties vary for different types of violations. Both civil and criminal penalties can be imposed on the same violation, or just civil penalties, or, in a few cases, just criminal penalties.
    The federal functional regulators and SROs have separate civil money penalty authorities. For instance, the federal banking regulators have a general civil money penalty authority that applies to all violations of laws or regulations, including BSA violations. The maximum penalty depends on the financial institutions or employee’s intent. Maximum penalties range from $5,000 per violation to $1,000,000, or 1% of the assets of the institution, whichever is greater, per day that the violation continues.
9. What are the contact details of the relevant regulators in United States of America?
    The US Treasury Department
    Office of Foreign Assets Control Treasury Annex 1500 Pennsylvania Avenue, NW Washington DC 20220
    T: (+1) 800 540 6322

    Financial Crimes Enforcement Network
    1500 Pennsylvania Avenue, NW Washington DC 20220
    T: (+1) 800 767 2825

    The Bureau of Industry and Security
    (Export Control)
    Outreach and Educational Services Division (located in Washington, DC)
    T: (+1) 202 482 4811

    Western Regional Office
    (located in Newport Beach, CA)
    T: (+1) 949 660 0144

    Northern California branch
    (located in San Jose, CA)
    T: (+1) 408 998 8806

    US Department of Justice
    950 Pennsylvania Avenue, NW Washington DC 20530-0001
    T: (+1) 202 514 2000

    Federal Reserve
    950 Pennsylvania Avenue, NW Washington DC 20530-0001
    T: (+1) 888 851 1920

    New York Department of Financial Services
    91 State Street New York NY 10004
    T: (+1) 518 474 2994
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
    Violations of US sanctions can incur civil and/or criminal penalties, depending on the sanctions program implicated. Us $1,000,000 per violation and, for natural persons, imprisonment of up 20 years, potentially in addition to the monetary penalty.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations? 
    In order to reduce the risk of money laundering, obliged organizations need to know who their customers really are and identity their risks. There are Know Your Customer, Customer Due Diligence, Transaction Monitoring applications recommended by regulators. Sanction Scanner enables financial institutions in United States of America to comply with Anti-money laundering laws locally and globally. Financial institutions meet AML requirements in customer recruitment processes with our AML Name Screening Software. You can contact us to get information about our AML solutions.