Sec. 110. Application of the Bank Secrecy Act
239 words·~1 min read·
/bill/119/hr/3633/eh/section-110A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5312(c)(1)(A) of title 31, United States Code, is amended— by inserting digital commodity broker, digital commodity dealer, after futures commission merchant, ; and by inserting before the period the following: and any digital commodity exchange registered, or required to register, under the Commodity Exchange Act which permits direct customer access . The Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, and in consultation with Commodity Futures Trading Commission, shall issue requirements consistent with the requirements of futures commission merchants to apply the Bank Secrecy Act to digital commodity brokers, digital commodity dealers, and digital commodity exchanges that are tailored to the size and complexity of such entities, including by requiring each such entity to— establish and maintain an anti-money laundering and countering the financing of terrorism program, which shall include— an appropriate risk assessment; 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 such program; retain appropriate records of transactions; monitor and report suspicious activity, which may include use of appropriate distributed ledger analytics; and maintain an effective customer identification program to identify and verify account holders and carry out appropriate customer due diligence.
A digital commodity broker, digital commodity dealer, or digital commodity exchange shall comply with all laws and regulations related to United States sanctions administered by the Office of Foreign Assets Control.