12 USC 1772d - Forfeiture of organization certificate for money laundering or cash transaction reporting offenses

U.S Code last checked for updates: May 02, 2024

§ 1772d.

Forfeiture of organization certificate for money laundering or cash transaction reporting offenses

(a)

Forfeiture of franchise for money laundering or cash transaction reporting offenses

(1)

Conviction of title 18 offenses

(A)

Duty to notify

(B)

Notice of termination; pretermination hearing

(2)

Conviction of title 31 offenses

(3)

Judicial review

(b)

Factors to be considered

In determining whether a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors:

(1)

The extent to which directors, committee members, or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the credit union was found guilty.

(2)

The extent to which the offense occurred despite the existence of policies and procedures within the credit union which were designed to prevent the occurrence of any such offense.

(3)

The extent to which the credit union has fully cooperated with law enforcement authorities with respect to the investigation of the money laundering offense of which the credit union was found guilty.

(4)

The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which the credit union was found guilty) to prevent the occurrence of any other money laundering offense.

(5)

The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise.

(c)

Successor liability

(June 26, 1934, ch. 750, title I, § 131, as added Pub. L. 102–550, title XV, § 1502(c), Oct. 28, 1992, 106 Stat. 4047; amended Pub. L. 103–325, title IV, § 411(c)(2)(B), Sept. 23, 1994, 108 Stat. 2253.)

cite as: 12 USC 1772d