by The Compliance Exchange on September 21, 2012
U.S. regulators are proposing to enlist companies across the financial sector—and possibly beyond—as a front-line defense against money laundering.
A sweeping proposal by the U.S. Treasury Department’s Financial Crimes Enforcement Network, known as FinCen, could require financial institutions to collect and verify information on all customer accounts.
If adopted, the new rules would create a broad new compliance structure that banks and others say would increase costs and add to complexity for the firms and their customers.
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