FACT Sheet: Treasury’s CDD Rule: One Piece to a Larger Puzzle

Drug traffickers, corrupt officials, rogue nations seeking to evade sanctions, terrorists, and other criminals use anonymous companies to hide the money they steal and maintain the power they hold.

Many of the most dangerous criminal elements now operate sophisticated financial networks.  They have updated the way they do “business,” which Includes the use of companies with hidden owners.   As the rest of the world cracks down on corporate secrecy, the criminals and other wrongdoers are looking increasingly to the U.S.

The U.S. Treasury Department’s Customer Due Diligence (CDD) Rule for Financial Institutions1 is a critical piece in a larger strategy to protect the integrity of our financial system from abuse and the nation from a broad array of harms.

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Testimony of Dalia F. Martinez, Executive Vice President of Operations International Bank of Commerce before the Subcommittee on Financial Institutions and Consumer Credit, April 27, 2018

Chairmen Leutkemeyer and Pearce, Ranking Members Clay and Perimutter and members of the subcommittee, I am honored to have this opportunity to present testimony today regarding FinCEN’s Customer Due Diligence Rule. I am Dalia F. Martinez, Executive Vice President and Corporate Bank Secrecy Act Officer for International Bank of Commerce. IBC Bank–Laredo is a member of International Bancshares Corporation (NASDAQ: IBOC), a $12.2 billion multi-bank financial holding company headquartered in Laredo, Texas, with 192 branches and more than 294 ATMs serving 90 communities in Texas and Oklahoma. I am speaking to you today representing the Mid-size Bank Coalition of America, the voice of 88 community banks with headquarters in 34 States. MBCA banks are primarily between $10 billion and $50 billion in assets with more than 10,000 branches in all 50 states, with deposits of $1.2 trillion. MBCA banks represent, service, and support millions of customers.

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Testimony to House Financial Services Committee on Implementation of FinCEN’s CDD Rule

Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, testified in front of the U.S. House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit on Friday, April 27, 2018 at a hearing regarding the implementation of the Financial Crimes Enforcement Network’s (FinCEN) rule on Customer Due Diligence Requirements for Financial Institutions.

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FinCEN’s Continued Effort to Purge Dirty Money from Real Estate Welcomed by Experts

Statement by the FACT Coalition on Treasury’s Decision to Renew Geographic Targeting Orders to Identify Buyers in Luxury Real Estate
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury Department, announced that it was renewing its temporary orders seeking to uncover illicit activity in the luxury real estate sector.

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FACT, 10 Orgs Urge Treasury, FinCEN to Complete the Anti-Money Laundering Rule for Asset Managers

The FACT Coalition along with 10 other organizations filed a comment on April 4, 2016 with the Department of the Treasury to finalize the proposed rule issued by the Financial Crimes Enforcement Network (FinCEN) to impose anti-money laundering and suspicious activity reporting requirements on registered investment advisers.  The full letter can be read below or downloaded here.

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