§ 28-1-2-6.5 — Compliance with money laundering laws; investigation and enforcement by the department

Indiana § 28-1-2-6.5

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 2: Powers and Duties of the Department

Text

5. (a) A financial institution (as defined in IC 28-1-1-3(1)), except for a licensee under IC 24-4.4, IC 24-4.5, or 750
IAC 9, shall comply with the following:
(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).
(2) The USA Patriot Act of 2001 (P.L. 107-56).
(3) Any regulations, policies, or reporting requirements
established by the Financial Crimes Enforcement Network of the
United States Department of the Treasury.
(4) Subchapter II of Chapter 53 of Title 31 of the United States
Code, including 31 U.S.C. 5318(l), and 31 CFR Chapter X,
including 31 CFR 1020.220.
(5) Any other state or federal money laundering statutes or
regulations that apply to a financial institution (as defined in IC 28-1-1-3(1)) other than a licensee under IC 24-4.4, IC 24-4.5, or
750 IAC 9.
(b) The department shall do the following:
(1) To the extent authorized or required by state law, investigate
potential violations of, and enforce compliance with, state money
laundering statutes or regulations.
(2) Investigate potential violations of federal money laundering
statutes or regulations and, to the extent authorized or required by
federal law:
(A) enforce compliance with the federal statutes or regulations;
or
(B) refer suspected violations of the federal statutes or
regulations to the appropriate federal regulatory agencies.

Legislative History

As added by P.L.10-2006, SEC.28 and P.L.57-2006, SEC.28. Amended by P.L.73-2016, SEC.14; P.L.176-2019, SEC.54.