Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.1024.210 Anti-money laundering program requirements for mutual funds

(1) Establish and implement policies, procedures, and internal controls reasonably designed to prevent the mutual fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with the applicable provisions of the Bank Secrecy Act and implementing regulations thereunder;

(2) Provide for independent testing for compliance to be conducted by the mutual fund's personnel or by a qualified outside party;

(3) Designate a person or persons responsible for implementing and monitoring the operations and internal controls of the program;

(4) Provide ongoing training for appropriate persons;  and

(5) Implement appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to: