Treasury Issues Proposed Rules to Enhance Financial Transparency

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On July 30, the Financial Crimes Enforcement Network of the U.S Department of the Treasury proposed rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and other financial institutions (including brokers or dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities) in an effort to help prevent the use of anonymous companies to engage in or launder the proceeds of illegal activity in the U.S. financial sector. Comments must be submitted within 60 days of the proposal’s publication in the Federal Register. Release. Notice of Proposed Rulemaking.

 

Topics:  Bank Secrecy Act, Banks, Compliance, Due Diligence, Transparency, U.S. Treasury

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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