Anti Money Laundering Conference to Cover Customer Identification Program Regulations in Final Days before USA Patriot Act Compliance.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--May 16, 2003 Regulators Offer Final Insights Four Days before Compliance Comes into Force IIR IIR - Infinite Impulse Response today announced that a special session covering the latest issues in Customer Identification Programs (CIP (1) (Common Isochronous Packet) The packet format used in time-based (real time) FireWire transmission. See FireWire, IEC 61883 and mLAN. (2) (Common Industrial P ) compliance will take place at the 13th Annual Anti Money Laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Audit and Compliance Forum on September 26th at the Roosevelt Hotel
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY. The session will be the last opportunity for Anti Money Laundering professionals to meet and discuss the compliance implications of the regulations with the regulators themselves and their peers before they come into force on October 1st 2003. The Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN (FinCEN), part of the US department of the Treasury, recently announced its final rules regarding Customer Identification Programs for both Broker/Dealers, Banks, Saving Associations and Mutual Funds. The final CIP regulations form one of the many sections of the 2001 USA Patriot and represent an important part of the initiative to ensure that those individuals or groups engaged in money laundering or terrorism cannot take advantage of US financial institutions. The CIP regulations require clients to provide specific documentation to prove their identity, especially when engaged in financial transactions involving third party or corresponding accounts. Nelson Everhardt, A recent Senior Vice President and Corporate Compliance Executive for Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. said, "Now is when "the rubber hits the road." The session is entitled: Ensure Your Institution is in Compliance with Customer Identification Program (CIP) Requirements. It offers attendees the opportunity to gain the insight to help determine the boundaries of their CIP responsibilities, develop effective strategies to implement CIP compliance without compromising the institution's business culture and definitively understand which records satisfy the requirement to verify the person seeking to open an account at a financial institution. The session is moderated by Steve Shine, Senior Vice President and Senior Regulatory Counsel Prudential Securities and features panelists Randall Roy, Securities and Exchange Commission and Daniel P. Stipano, Deputy Chief Counsel Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . More information can be found at www.amlac.com Notes to editors More information on the financial regulations can be found at http://www.fincen.gov/wn_main.html About the Institute for International Research The Institute for International Research (IIR) is the world's largest conference company and has been the leader in the provision of business information for over 20 years. IIR produces over 5,000 events annually through our network of offices in over 35 countries. For further details please visit us online at www.iirusa.com To obtain further event information or to arrange an interview with a speaker or IIR representative please contact: Matt Godson god·son n. A male godchild. godson Noun a male godchild Noun 1. godson - a male godchild godchild - an infant who is sponsored by an adult (the godparent) at baptism , Marketing Director, Institute for International Research, 708 Third Ave., New York, NY 10017. Phone: 212-661-3500 ext. 3225. Fax: 212-661 8743 E-mail mgodson@iirusa.com A limited number of press passes will be available. Please contact mgodson@iirusa.com for information on application. |
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