Training regarding anti-money laundering and countering the financing of terrorism

31 U.S.C. § 5334

• Title: 31 — Money and Finance
• Chapter: SUBCHAPTER II—RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS

Text

(a) Training Requirement.—Each Federal examiner reviewing compliance with the Bank Secrecy Act, as defined in section 6003 of the Anti-Money Laundering Act of 2020, shall attend appropriate annual training, as determined by the Secretary of the Treasury, relating to anti-money laundering activities and countering the financing of terrorism, including with respect to—
(1) potential risk profiles and warning signs that an examiner may encounter during examinations;
(2) financial crime patterns and trends;
(3) the high-level context for why anti-money laundering and countering the financing of terrorism programs are necessary for law enforcement agencies and other national security agencies and what risks those programs seek to mitigate; and
(4) de-risking and the effect of de-risking on the provision of financial services.
(b) Training Materials and Standards.—The Secretary of the Treasury shall, in consultation with the Financial Institutions Examination Council, the Financial Crimes Enforcement Network, and Federal, State, Tribal, and local law enforcement agencies, establish appropriate training materials and standards for use in the training required under subsection (a).

History

(Added Pub. L. 116–283, div. F, title LXIII, §6307(a), Jan. 1, 2021, 134 Stat. 4590.)

Editorial Notes

Editorial Notes

References in Text
Section 6003 of the Anti-Money Laundering Act of 2020, referred to in subsec. (a), is section 6003 of div. F of Pub. L. 116–283, which is set out as a note under section 5311 of this title. Such section 6003 defines terms, including the Bank Secrecy Act, as used in div. F of Pub. L. 116–283.