Closed Loop AML Exemption: The FinCEN Regulation establishes rigorous AML requirements for Cards including KYC policies and CIP. This regulation also contains exemptions that exclude certain Cards from these rigorous rules. One of these exemptions is for Closed Loop Cards that meet specified criteria. The phrase Closed Loop AML Exemption refers to that exemption. Two of several features of the Closed Loop AML Exemption are the Two Thousand Dollar Rule and the Ten Thousand Dollar Rule.
