As CME continues to grow and expand its business globally, we believe it is prudent to expand our requirements under CME, CBOT and NYMEX Rule 981. Anti-Money Laundering that clearing members develop and implement a written anti-money laundering program reasonably designed to achieve compliance with applicable requirements of the Bank Secrecy Act.
We are proposing to expand Rule 981. to encompass all applicable Office of Foreign Asset Control (“OFAC”) sanctions programs. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
As such, we are revising Rule 981. to further require clearing members to have a written compliance program reasonably designed to achieve compliance with the International Emergency Economic Powers Act, the Trading with the Enemy Act, and Executive Orders and regulations issued thereunder.
In the attached formal rule changes, additions are underlined and deletions are struck-out. The rule amendments will become effective April 30, 2012.
If you have any questions, please call the Audit Department at (312) 930‑3230.
CME, CBOT and NYMEX Rulebooks
Chapter 9. CLEARING MEMBERS
Rule 981. ANTI-MONEY LAUNDERING AND ECONOMIC SANCTIONS COMPLIANCE
Each clearing member shall develop and implement a written
anti-money laundering compliance program approved in writing by senior management reasonably designed to achieve and monitor the clearing member’s compliance with the all applicable requirements of the Bank Secrecy Act (31 U.S.C. § 5311 , et . seq.), the International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq. ) (“IEEPA”), the Trading with the Enemy Act (50 U.S.C. App. § 1 et seq.) (“TWEA”), and the Executive Orders and the implementing regulations issued pursuant thereto, including the regulations issued promulgated thereunder by the U.S. Department of the Treasury and, as applicable, the Commodity Futures Trading Commission. That anti-money laundering compliance program shall, at a minimum,
1. Establish and implement policies, procedures and internal controls reasonably designed to assure compliance with
the all applicable provisions of the Bank Secrecy Act, IEEPA, TWEA, and all applicable Executive Orders and regulations issued pursuant thereto the implementing regulations thereunder;
2. Provide for independent testing for compliance to be conducted by clearing member personnel or by a qualified outside party;
3. Designate an individual or individuals responsible for implementing and monitoring the day-to-day operations and internal controls of the program; and
4. Provide ongoing training for appropriate personnel.
Clearing members must also supervise and ensure that their guaranteed introducing brokers are in compliance with the
anti-money laundering provisions contained in this Rule.