Banks Asked To Screen All Customers For Terror Links

Law360, New York (June 28, 2013, 1:30 PM EDT) -- With U.S. and other law enforcement agencies aggressively pursuing violations of anti-money laundering laws, a panel of regulators on Thursday said global banks should vet each customer for terrorist ties.

The Basel Committee on Banking Supervision said that along with putting in strong anti-money laundering programs to root out money derived from criminal activities, banks need to pay special attention to potential terrorism financing.

“Financing of terrorism has similarities compared to money laundering, but it also has specificities that banks should take into due consideration: funds...
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