Money Laundering


The federal financial institutions regulatory agencies—the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision—issued Bank Secrecy Act procedures that guide implementation of, and provide a consistent approach to examining, the customer identification programs (CIP) that domestic and foreign banking organizations were required to establish under section 326 of the USA Patriot Act. By October 1, 2003, each financial institution had to establish and incorporate into its anti-money-laundering compliance program a written CIP appropriate to the institution’s size and type.

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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