DOJ, Treasury Insist Account Owner Rule Is Worth The Trouble

Law360, Washington (July 31, 2012, 8:01 PM EDT) -- U.S. Department of Justice and U.S. Department of the Treasury officials on Tuesday defended a proposal to require banks to determine the real owners of customer accounts, saying the time and resources it would take from banks would be worth the added defense against money laundering and other crimes.

Lanny A. Breuer, assistant attorney general for DOJ's Criminal Division, and David Cohen, Treasury undersecretary for terrorism and financial intelligence, both backed a Financial Crimes Enforcement Network proposed rule that would require financial institutions ranging from banks...
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