BSA/AML/Patriot Act Applicable to Trust Co?
Answer by Kathleen Blanchard, BOL Guru Guru Bios
Question: Do the BSA/AML and Patriot Act regulations apply to a state chartered trust company?
Answer: At the present time only the CIP rules apply to state chartered trust companies. They are not included in the rules for maintenance of an AML program. As always, you should confirm this with your state regulator and check state law for any state specific requirements.
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