Annunzio-Wylie Anti-Money Laundering Act

    North America

    Annunzio-Wylie Anti-Money Laundering Act

    The Annunzio-Wylie Anti-Money Laundering Act of 1992 (‘the Act’) provides directions on the reporting of suspicious transactions by financial institutions and sets forth measures to improve money laundering enforcement. 

    Last Updated: July 30, 2019

  • Requirements

    The Act provides that the National Credit Union Administration Board (‘the Board’) shall issue to a credit union a notice of its intention to terminatall rights, privileges, and franchises of the credit union and schedule a pretermination hearing if such credit union has been convicted of money laundering or cash transaction reporting offenses. The Board shall also issue a notice of its intention to terminate the insured status of an insured credit union which has been convicted for the same offenses.  

    The Act stipulates that the Secretary of Treasury may require from financial institutions to report any suspicious transaction relevant to a possible violation of law or regulation and also to carry out anti-money laundering programs, including at a minimum the development of internal policies, procedures, and controls, the designation of a compliance officer, an ongoing employee training program, and an independent audit function to test programs.  

    In addition, the Act defines money transmitting as including but not limited to transferring funds on behalf of the public by any and all means including but not limited to transfers within the U.S. or to locations abroad by wire, check, draft, facsimile, or courier.

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