In 2016 U.S. Treasury proposed Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion including but not limited to U.S. Department of the Treasury Financial Crimes Enforcement Network issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
The Anti Money Laundering program requirement for each category of covered financial institutions will explicitly include risk-based procedures for conducting ongoing customer due diligence, to include understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile. A customer risk profile refers to the information gathered about a customer at account opening used to develop a baseline against which customer activity is assessed for suspicious activity reporting. This may include self evident information such as the type of customer or type of account, service, or product. The profile may, but need not, include a system of risk ratings or categories of customers.
Join International Tax Law Compliance thought leader R. John Smith and attorney Sheldon Karasik in review of 2016 U.S. Treasury proposed Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion, developments with FATCA foreign asset reporting, and existing FBAR reporting regime for foreign bank accounts. In addition, they will also discuss some of the U.S. government's enforcement efforts, (both criminal and civil) litigation involving Foreign Operations Tax Compliance.
Sheldon's review of the Panama Papers situation was particularly helpful and interesting.
Great topic! I would like to see more in this area, please!
R. John Smith and Sheldon Karasik were very informative.
Best written materials and excellent discussion for online content.
Interesting subject particularly with the current international issues going on these days
Most interesting segment that I have viewed so far.
Not my area of interest or practice, but nonetheless extremely competent and thorough.
Thank you for incorporating the Panama Papers issue into the presentation.
Very enjoyable and well done.
I do not practice in this area of the law yet I found the topic far more interesting than I had expected despite its technicalities. I credit my reaction to the faculties' expertise. They really know their material and did a good job presenting it. Thank you!