ABA Says Account ID Rule Could Violate Client Privilege

Law360, New York (May 8, 2012, 5:22 PM EDT) -- The American Bar Association said Tuesday that a proposed rule that would establish uniform standards for banks and other financial institutions to determine the real owners of customer accounts could force attorneys to violate key attorney-client privilege protections.

In a comment letter to the Financial Crimes Enforcement Network, or FinCEN, the bar association said the agency's proposal included provisions that would require law firms to provide the identities of clients when they set up accounts on the clients' behalf. Such disclosures would be burdensome to firms,...
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