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AML Efforts Face Renewed Focus on SARs, Beneficial Ownership Data

Joe Mont | March 17, 2015

Financial institutions should gird themselves for an even greater focus on their anti-money laundering efforts. That’s the message from Treasury and Justice Department officials who spoke at an Association of Certified Anti-Money Laundering Specialists conference in Florida this week

“Financial transparency,” was a recurring theme of Acting Under Secretary of Treasury for Terrorism and Financial Intelligence Adam Szubin’s remarks. “We continue to focus on increasing the transparency of legal entities by proposing to require the collection of beneficial ownership information, both at the time when a company is formed and when it opens an account with a financial institution,” he said.

Those efforts include a “multi-track approach” that includes pushing for new legislation and rulemaking, he explained. The Obama Administration’s 2016 budget plan...

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