The Treasury wants Congress to investigate the feasibility of creating an identification system for foreign nationals under the auspices of the Immigration and Naturalization Service or its proposed successor, the Department of Homeland Security.
By Cliff Stephens and Tom Crook | October 07, 2002
As check fraud, money laundering and kiting schemes grow more sophisticated, new laws ratchet up the pressure on banks to detect such crimes. Fortunately, new technology may help them do that better than ever.
In the face of legal challenges, Citibank U.K.'s "MyAccounts" service has had to refrain from aggregating customer accounts held by the major High Street banks. Citibank now thinks they have found away around this problem.
As part of USA PATRIOT Act and anti-money laundering initiatives, the U.S. Treasury will crack down on people and businesses that fail to file Report of Foreign Bank and Financial Accounts (FBAR) reports.