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December 6, 2011
Effective Date of Amendments to the Interpretive Notice entitled NFA Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program
Amendments to the Interpretive Notice entitled NFA Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program (Notice) become effective on January 3, 2012. The amendments incorporate changes made by the Financial Crimes Enforcement Network (FinCEN) to the regulations of the Bank Secrecy Act (BSA) relating to suspicious activity reports (SARs), provide Members with additional guidance with respect to the annual training and independent audit requirements and make several other technical changes which conform the Notice to specific requirements in the BSA.
NFA previously provided detailed notification to Members of FinCEN's changes relating to SARs through a separate Notice to Members issued on January 19, 2011. In general, these changes clarify the BSA's confidentiality provisions with respect to SARs and incorporate FinCEN's guidance that permits FCMs and IBs to share SARs with affiliates if those affiliates are subject to a SAR regulation issued by FinCEN or another regulatory agency.1 In addition to those changes, NFA also amended the Notice to clarify timing requirements for AML training and independent testing to specifically state that FCMs and IBs must provide training and conduct testing at least every twelve months rather than on the current "annual" basis. Finally, NFA made several other technical amendments which conform the Notice to specific requirements in the BSA regarding maintenance of SAR documentation, requirements for filing a Report of Foreign Bank and Financial Accounts (FBAR) and requirements for filing a Report of International Transportation of Currency or Monetary Instruments (CMIR).
More information regarding NFA's amendments to the Notice can be found in NFA's October 13, 2011 Submission Letter to the CFTC or NFA's January 19, 2011 Notice to Members regarding SAR confidentiality. Questions concerning these amendments should be directed to Valerie O'Malley, Senior Manager, Compliance (email@example.com or 312-781-1290) or Sharon Pendleton, Director, Compliance (firstname.lastname@example.org or 312-781-1401).
1 Other regulatory agencies include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Securities and Exchange Commission.