Insights: U.S. Treasury’s Call for Greater Financial Transparency – We Need to Support It

By Chip Poncy

The following editorial is by a former U.S. Treasury Department official. The views expressed are his own. It is rare that a single regulation can significantly strengthen our financial integrity, criminal justice system, foreign policy and national security.  The Treasury Department has just proposed one.  We must support its adoption and demand more effective implementation of similar measures globally. Treasury's proposed rule describes information U.S. financial institutions must collect and monitor to understand who their customers are and the transactions they conduct.  Such customer due diligence (CDD) is not new; it has been an implicit U.S. requirement and an explicit...