Financial Firms "Know Your Customer"

A service to store images of IDs and person's info. Then regularly look for matches on the list.




Financial planners will need to verify new client ID and periodically screen against the Office of Foreign Assets Control person list.




Checking Out Clients
By Jane Worthington

April 1, 2007- Although many investment advisors don't handle client assets, each advisor should maintain written policies and procedures to prevent and detect possible money laundering schemes.

The Treasury Department's Financial Crimes and Enforce-ment Network proposed a rule on April 29, 2003, requiring advisors to adopt formal anti-money laundering (AML) programs, but that rule hasn't yet been adopted. As a result, many advisors believe that they have no AML compliance obligations. Not so.

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