U.S. Promulgates Anti-Laundering Regulations for Wire Transfers

On August 31, 1993, the Federal Reserve Board and the U.S. Department of the Treasury promulgated proposed rules for wire transfers and funds transfers that will impact international money movement. Because the Fed and/or Treasury have issued policy statements urging covered institutions to comply with the essence of many of the proposed regulations, many banks and financial institutions will not have difficulty complying…[more]