Over the past 15 years, wide-ranging regulatory views have been promulgated by U.S. financial regulators. While they are congressionally authorized to issue rules that implement the BSA, subsequent interpretations of those rules have morphed into quasi-rules of their own.
The Financial Industry Regulatory Authority will begin sharing more details from its examinations with brokerages and other firms later this year to clarify its expectations for complying with anti-money laundering protocols and managing risk, an official said Thursday.
Many compliance officers may have never heard of "circular ownership"- a corporate structure of holding companies and subsidiaries that financial institutions often struggle to map out and unravel during the customer-onboarding process.
Several of the world's largest financial institutions have moved quickly to limit risks posed by their corporate clients in the six months since U.S. officials finalized a long-anticipated customer due diligence rule, while smaller lenders have treaded a rougher path towards implementation.
The U.S. Treasury Department finalized its long-awaited customer due diligence rule Friday shortly after the introduction by the White House of a bevy of corporate transparency-related measures.
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