Okay maybe not all. But there are important issues raised by the Financial Crimes Enforcement Network's advance notice of proposed rulemaking (ANPRM) issued in late February. This Wednesday, Rick Small, ACAMS advisory board chairman and American Express Company vice president, and John Byrne, the executive vice president of ACAMS, will shed light on some of the issues surrounding the ANPRM. The proposal would extend customer due diligence regarding beneficial ownership now required for private banking and correspondent accounts to all accountholders at depository institutions. Beneficial ownership of accounts deemed high-risk at opening could have to be verified, although to what...
Maybe it's the thing you're supposed to say when you get a new job and have responsibility for a lot of people. Still, it was a good thing to hear from FinCEN's new director in her debut speech at a D.C. money laundering conference.
A U.S. Treasury Department proposal to toughen customer due diligence obligations for banks would increase compliance costs while providing only minimal benefit to law enforcement, according to industry comment letters.
The U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.