SEC, agency to target funding for terrorists
An information-sharing accord aimed at uncovering terrorist financing and money laundering was announced Thursday by the Treasury Department’s financial crimes unit and the Securities and Exchange Commission.
Under the agreement, the SEC and the Financial Crimes Enforcement Network each quarter will share information they have gathered to ensure SEC-regulated companies comply with the Bank Secrecy Act.
“The agreement will better ensure that SEC-regulated firms have robust anti-money-laundering programs,” the SEC said.
The SEC said the agreement would help authorities identify financial institutions with significant bank secrecy law violations or deficiencies and take enforcement and other actions when needed.
The announcement comes after U.S. financial authorities cited two international banks for deficient anti-money-laundering compliance procedures and internal controls.
The Treasury Department unit works with federal banking regulatory agencies.
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