Treasury Department to Address Remaining Gaps Identified by FATF in Guidance, Pending Rules

By Brian Monroe

The U.S. Treasury Department will issue guidance expanding on pending regulations in an effort to plug compliance gaps ahead of the Financial Action Task Force's next review of the United States. Some of the compliance issues identified in the 2006 mutual evaluation by the intergovernmental group, known as FATF, will be addressed by planned rules that could require financial institutions to determine the beneficial owners of certain accounts, said Chip Poncy, director of the Office of Strategic Policy for Terrorist Financing and Financial Crimes Tuesday. Once the Financial Crimes Enforcement Network (FinCEN) finalizes the regulations, the "rest comes together" with...