Solving the identity crisis
ANTI-MONEY LAUNDERING
NEW YORK -- Executives at Prudential Financial, the New York-based financial services company, have been working around the clock to make sure they stay out of prison. Rule 326, also known as the 'know your customer rule', of the US Patriot Act, mandates that all financial institutions covered under the Act have customer identification programs (CIPs) in place by October 1. Regulators have made no bones about the fact that they will enforce non-compliance with fines, and jail sentences if
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