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31 USC Section 5334

Requires federal bank examiners to complete annual training on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Rule Overview

Jurisdiction: United States

Regulator: US Dept. of Treasury

Topic: Risk Management

31 USC Section 5334
Overview
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Key Requirements:

  • Applies to federal examiners responsible for reviewing financial institution compliance with anti-money laundering and counter-terrorist financing laws.
  • Training sessions occur annually.
  • The curriculum must cover:
    • potential risk profiles and warning signs;
    • financial crime patterns and trends;
    • the necessity of AML/CFT programs for law enforcement and national security; and
    • de-risking (when financial institutions abruptly terminate or restrict customer accounts) and its impact on the availability of financial services.
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