44 Money Laundering: A Guide for Criminal Investigators, Third Edition
Anti-Money-lAundering progrAM requireMent
(31 u.s.c. 5318(g); Act section 352)
This section imposes a requirement that all nancial institu-
tions have a program in place to detect and prevent money
laundering within their institution and to ensure that they are
in compliance with federal laws and regulations. Banks are
required to have a compliance ofcer and employee train-
ing programs in place. Things like “know your customer”
and cash transaction reporting procedures fall into these
programs, and agencies such as the Federal Reserve Board
and the Treasury Department are watching to make sure the
banks have their acts in order.
This same law also requires other ...