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The hundreds of millions of dollars in costs likely to be incurred by financial institutions implementing an expected customer due diligence rule will be offset by the regulation's benefits, U.S. officials said Wednesday.
U.S. officials should revisit decisions to exempt certain industries from Patriot Act reporting requirements and implement a host of other measures to fight terrorist financing, congressional witnesses said Wednesday.
In a long anticipated move, the U.S. Treasury Department Wednesday proposed to require a broad range of financial institutions to identify the beneficial owners of their corporate accounts.
U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
