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Over the last several months, the Financial Crimes Enforcement Network (FinCEN) has taken a number of actions that impact the content of NFA's AML Interpretive Notice. These actions include:
- Adopting a final rule under Section 312 of the USA Patriot Act to require FCMs and IBs1 to apply enhanced due diligence measures to correspondent accounts maintained for certain foreign banks. This rule will become effective in two parts. Beginning on February 5, 2008, the rule will apply to accounts established from that date forward. On May 5, 2008, the rule will apply to all existing accounts established prior to February 5, 2008.
- Issuing guidance clarifying that in a give-up arrangement the clearing FCM, and not the executing FCM, is required to apply its CIP to the customer.
- Issuing guidance clarifying that, upon request, FCMs and IBs are required to provide appropriate law enforcement and regulatory agencies with any supporting documentation related to a Suspicious Activity Report filed with FinCEN.
NFA respectfully requests that the Commission review and approve the proposed amendments to the Interpretive Notice to NFA Compliance Rule 2-9. NFA intends to make the provisions relating to correspondent accounts effective at the same time of the FinCEN final rule and to make all other provisions effective upon approval.
1 An IB that limits its activities to soliciting and accepting orders for the purchase or sale of commodity futures contracts is not required to comply with the due diligence provisions of the correspondent account rule.