The American Bar Association is crafting a voluntary best practices program for lawyers based on international anti-money laundering standards, say speakers at an organization conference in Washington, D.C. The ABA program, which is based on guidance expected out later this month by the Paris-based Financial Action Task Force (FATF), would include strategies for attorneys to adopt customer identification and enhanced due diligence measures on par with the risk-based anti-money laundering (AML) efforts of the financial industry. The guidance will depart from recommendations delineated by the FATF, which sets global AML standards, in that they will not involve federal regulators and...
The U.S. government's increased scrutiny of legal and financial gatekeepers tied to money laundering schemes is likely to motivate some banks to spend more time reviewing related accounts, say compliance professionals.
Most U.K. lawyers have adjusted their policies and procedures to comply with the country's latest Money Laundering Regulations, but are unhappy about the burden of the new requirements, according to an online survey by the Law Society of England and Wales.
The U.S. Justice Department, in an indictment unsealed Thursday, accused Ben Kuehne and two other individuals of helping to disguise the origin of more than $5 million in payments from a narcotics trafficker to his defense attorney.