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 ( www.treas.gov/press/releases/po3436.htm ). 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.

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