SIA Submits Comments to the US Department of Treasury on the USA Patriot Act

The Securities Industry Association (SIA)* provides comments to the U.S. Department of Treasury on providing recommendations for improvements to the anti-money laundering provisions under the USA Patriot Act, the implementing regulations issued by Treasury and the Securities and Exchange Commission (SEC), and other money laundering related statues and regulations governing financial institutions. The proposed regulations have failed to fully incorporate the ability of securities firms to rely on the due diligence and anti-money laundering compliance efforts of intermediaries and other financial institutions with whom they have a customer or business relationship. The SIA urges the Treasury to follow a risk-based approach that would allocate resources to the customers, accounts, and transactions that are more likely vulnerable to money laundering and terrorist financing.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TMBA) in 2006.