Everything You Always Wanted to Know About Money Laundering But Were...

Wall Street Journal

If you want to catch up on FinCen's proposed expansion of anti-money laundering and know-your-customer requirements, which was released for public comment in February, the Journal offers a primer today. The gist is that "Treasury wants financial institutions to understand who owns or controls an account and keep detailed records that law-enforcement officials can access." While regulators have wanted banks to identify beneficial owners of accounts for years, the rule would codify this...