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 )

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.