The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency and U.S. Treasury Financial Crimes Enforcement Network issued guidance on applying customer identification program requirements to prepaid cards issued by banks.
U.S. Senators Elizabeth Warren (D-MA) and Sherrod Brown (D-OH) urged the Treasury Department to investigate whether, through involvement with a Panamanian law firm, U.S. companies and persons may have evaded tax obligations or facilitated money laundering and other illegal activity.
The Financial Crimes Enforcement Network adopted final rules under the Bank Secrecy Act in order to clarify and strengthen due diligence requirements concerning the identification of the beneficial owners of certain legal entities.
Cadwalader attorneys reviewed the final version of the Financial Crimes Enforcement Network's long-awaited "Customer Due Diligence Rules."
The Financial Crimes Enforcement Network proposed prohibiting covered U.S. financial institutions from engaging in certain foreign correspondent account activities with North Korean financial institutions. The proposal was published in the Federal Register.