News

U.S. financial institutions will have more compliance work on their hands once a federal strategy to thwart international criminal organizations hits full stride, according to current and former government officials. If implemented, fiscal year 2013 budget requests by several federal departments and agencies would garner funding for the Obama administration's Transnational Organized Crime (TOC) strategy, an executive plan announced in July that calls for the adoption of tougher beneficial ownership rules and sanctions against criminal groups. On Wednesday, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) said it was considering a plan that would require financial institutions to determine...