The War Against Terrorism Has A New Battlefield
The USA Patriot Act amended the Bank Secrecy Act requiring all financial institutions develop and implement anti-money laundering programs with specific requirements such as a customer identification program. For the first time, the Securities and Exchange Commission has enforced the Act's mandates sanctioning the broker-dealer Crowell Weedon & Co. for failing to document its customer identification program consistent with these record-keeping requirements. For more details check out this SEC Release.
