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