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Small business owners should not forget about a rule — currently in legal limbo — that would require them to register with an agency called the Financial Crimes Enforcement Network, or FinCEN ...
Mark Uyeda, a Republican SEC member, dissented, saying regulators should first have determined the scope of investment adviser services covered by the Bank Secrecy Act, a key anti-money laundering ...
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [2]
The Bank Secrecy Act, the common name for the Currency and Foreign Transaction Reporting Act of 1970 and its amendments and other statutes, established the customer due diligence (CDD) rule as part of an effort to improve financial transparency and deter money laundering. The CDD rule enhances CDD requirements for "U.S. banks, mutual funds ...
In July 2016, FinCEN enacted new rules regarding beneficial ownership: [2] Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own ...
The SEC's Division of Examinations (commonly known as EXAMS) is the oversight branch of the Securities and Exchange Commission. It's the second largest section of the agency, after the enforcement ...