Treasury Floats Rule To Better Identify Bank Account Owners

Law360, New York (February 29, 2012, 1:33 PM EST) -- The U.S. Financial Crimes Enforcement Network said Wednesday it plans on setting up uniform standards for banks and other financial institutions to determine the real owners of customer accounts as a way of beefing up anti-money-laundering and counterterrorism efforts.

The agency, a law enforcement arm of the U.S. Department of the Treasury, asked for comment on an upcoming proposed rule that would require financial institutions ranging from banks to securities broker-dealers to potentially casinos to establish customer due diligence programs. Those programs would allow financial institutions...
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