Banking


The Office of the Comptroller of the Currency releases interim guidance to financial institutions on complying with two anti-money-laundering provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 ( www.occ.treas.gov/fr/fedregister/66fr59342.pdf ). As of December 25, 2001, this legislation requires financial institutions to prevent foreign “shell” banks—those not physically present in any country—from obtaining banking services through correspondent accounts. The guidance includes a sample certification banks can use to keep records the act requires on the owners of any foreign banks for whom they maintain such accounts. ( www.occ.treas.gov/ftp/bulletin/2002-1.doc )

The Treasury Department offers $8 million in funding, under its “First Accounts” program, to encourage insured financial institutions to make banking services more widely available to low- and moderate-income individuals. Applications, which are available at www.treas.gov/firstaccounts/application.html , must be postmarked no later than March 20. ( www.treas.gov/press/releases/po891.htm )

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.