Treasury and Justice roll out new regulations

The U.S. Treasury and the Justice Departments jointly released an aggressive plan that extends the government’s hunt for money to a host of non-bank businesses that previously have not felt the heat of government scrutiny or regulations. The 120-page document warns that by year end, the Treasury Department will assess the need for new regulations, including mandatory suspicious activity reporting rules, applicable to the insurance industry, travel agencies, pawn brokers, and other “financial service providers” not presently addressed in regulations under the Bank Secrecy Act (31 CFR Part 103). The strategy also focuses on others who have been ignored in the past, such as lawyers, auditors, accountants, and a wide range of other businesses. The plans include suspicious activity reporting regulations for casinos and the securities industry. Additionally, a Treasury study is slated on how lawyers, United States Treasury Departmentaccountants and auditors can assist in detecting and deterring money laundering. Funds will also be provided for ongoing monitoring of new technologies, “particularly regarding the Internet and smart-cards” for money laundering vulnerabilities. These regulations become law and require no further approval from congress.

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