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

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.