021-20 Wyo. Code R. §§ 20-7 - Anti-Money Laundering, Customer Identification and Sanctions Compliance

(a) A special purpose depository institution shall maintain a written compliance program covering the topics set forth in subsection (a) of this section, commensurate with the risk profile of the institution, as determined by the Commissioner. The program shall:

(i) Be approved initially by the board of directors and reviewed on an annual basis by the board for potential updates;

(ii) Require annual, written risk assessments, which shall be approved by the board and noted in the minutes of the board; and

(iii) Establish a written training program, which shall include annual training for directors, officers, and other key personnel which are in a position to promote institutional compliance.

(b) The board of directors of a special purpose depository institution shall approve all new products and services before launch, and assess material risks and the means by which the institution can satisfy compliance obligations with respect to each product and service.

(c) The board of directors shall also establish and update clear risk appetite standards for special purpose depository institution activities each year, with periodic reporting of antimoney laundering, customer identification and sanctions key risk indicators, key performance indicators, remedial action status, evolving regulatory issues and industry best practices.

(d) A special purpose depository institution shall conduct annual independent testing by qualified personnel with respect to its anti-money laundering, customer identification and sanctions controls, unless granted an exemption by the Commissioner.

(e) In the event of the discovery of any violation of state or federal law relating to antimoney laundering, customer identification or sanctions, a special purpose depository institution shall immediately inform the Division and the appropriate federal agency on a confidential basis relating to the circumstances of the violation, irrespective of whether disclosure is otherwise required under federal law.

(f) If engaged in digital asset activities, a special purpose depository institution shall maintain a digital asset analytics provider to assist with anti-money laundering, customer identification and sanctions compliance. Alternatively, an institution may develop an in-house solution that is comparable to available third-party solutions if approved by the Commissioner.

(g) A special purpose depository institution shall conduct a source of funds review for each customer using a risk-focused approach.

(h) Special purpose depository institutions may provide digital asset transfers to external, non-custodial addresses from institution accounts. As used in this subsection, "noncustodial" means not held by a supervised financial institution in the United States or a foreign jurisdiction that has an effective anti-money laundering framework. Non-custodial transfers shall occur as follows:

(i) In the context of transfers from a customer account with an institution to a non-custodial address held by an institution customer, each institution shall appropriately screen for ownership of the counterparty address, with auditable processes in place to recreate the methods through which the bank conducted screening, and appropriate escalation processes in the event that the bank identifies a change in ownership of the wallet address.

(ii) In the context of transfers from a customer account with an institution to a non-custodial address held by a non-customer, the institution shall employ a risk-based approach, which may include pre-authorization and appropriate screening before the transfer shall take place.

(j) The Commissioner shall conduct transaction testing of the digital asset transactions of a special purpose depository institution on a regular basis, commensurate with the activities of the institution and supervisory manuals, policies and procedures.

Notes

021-20 Wyo. Code R. §§ 20-7

Adopted, Eff. 8/7/2020. Amended, Eff. 5/13/2021.