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Friday, January 1, 1993
Volume:
9
Issue:
1
1
Abstract:
On December 23, 1993, the Federal Reserve Board issued a policy statement following recommendations of the G-7 Financial Action Task Force, encouraging financial institutions to include, where possible, complete information on the sender and recipient of large payment orders, including those sent through Fedwire, CHIPS and SWIFT. The policy statement has the purpose of addressing the problem of the use of large-value fund transfers for money laundering…[more]