Money Laundering

The Treasury Department issues three rules relating to the USA Patriot Act and financial institutions’ and CPAs’ roles in the fight against money laundering ( ). The new regulations, which the Treasury’s Financial Crimes Enforcement Network will administer, amends and adds provisions to the Bank Secrecy Act, which governs most of the registration, recordkeeping, reporting and control obligations financial institutions and individuals, including CPAs, have with respect to money laundering. (See “ The CPA’s Role in Fighting Money Laundering ,” JofA , Jun.01, page 88) Among the topics the rules address are suspicious activity reporting, anti-money-laundering-program requirements, prohibitions on maintaining accounts for foreign shell banks and information sharing between the government and the financial community.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.