(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.
(b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125. The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.
(c) At a minimum, the program shall include:
(1) A system of internal controls to ensure ongoing compliance;
(2) Independent testing for compliance to be conducted by bank personnel or by an outside party;
(3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;
(4) Training for appropriate personnel; and
(5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation:
(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
(B)
(i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
(ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.
(d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs.
(e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000), and other federal and state laws pertaining to money laundering.
(f) The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.