News

Guidance expected from the U.S. Treasury Department on how to ease compliance controls on certain low-risk accounts and products will likely be adapted from examples published by an intergovernmental watchdog group, say consultants. In February, the Paris-based Financial Action Task Force (FATF) reiterated its call for jurisdictions to implement "simplified" customer due diligence procedures, which would allow financial institutions to relax the anti-money laundering controls commensurate with the lower risk of certain accounts and financial products. After dozens of nations have translated the recommendation into regulations and guidance, the United States is considering doing the same, said Chip Poncy, director...