§5334 — Title 31 Money and Finance | U.S. Code

Summary

Federal examiners who check compliance with the Bank Secrecy Act (see section 6003 of the Anti‑Money Laundering Act of 2020) must get yearly training set by the Treasury Secretary. The training must teach common risks and warning signs, current financial‑crime patterns, why anti‑money‑laundering and counter‑terrorist‑financing programs matter to law enforcement and national security, and how de‑risking affects access to financial services. The Treasury Secretary must create the training materials and standards with input from the Financial Institutions Examination Council, FinCEN, and federal, state, tribal, and local law enforcement.

Title 31, §5334

Money and Finance — Source: USLM XML via OLRC

(a)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)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).

Notes & Related Subsidiaries

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.

§5334 Training regarding anti-money laundering and countering the financing of terrorism

Summary

Title 31, §5334

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata