Law Practice
May 19, 2012
Federal rule could jeopardize client secrecy, ABA says
The proposed rule would require financial institutions to collect and report information on account holders and beneficial owners.
Daily Journal Staff Writer
A proposed federal rule aimed at reducing money laundering and terrorist financing could put the confidentiality of law firm clients at risk, according to the American Bar Association and some lawyers.
But the measure put forward by the Financial Crimes Enforcement Network, or FinCEN, a little-known regulatory arm of the U.S. Department of the Treasury, has largely gone unnoticed by lawyers. Several lawy...
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