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U.S. Treasury Proposes Rule Forcing Banks to Identify Beneficial Owners - Risk & Compliance - WSJ

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The U.S. Treasury Department, in a bid to fight financial crime, issued a proposed rule that would require financial institutions to identify the beneficial owners of companies as they open accounts.

The proposed rule, promulgated by Treasury’s Financial Crimes Enforcement Network, or Fincen, clarifies customer due-diligence requirements, adding a new element that mandates financial institutions know and verify the identities of the real people who own, control and profit from the companies planning to use their services, known as “beneficial owners,” Treasury said. It would help prevent the use of anonymous, or shell, companies that engage in or facilitate money laundering, terrorism finance or other illicit activity through the U.S. financial system, Treasury said.

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latimes:

Dodgers announcer Vin Scully will return next year for an unprecedented 66th season, the team has announced.

Top photo: Scully in front of a street sign marking Vin Scully Way at the Dodgers’ spring training complex in 1985. Credit: Los Angeles Times. Middle photo: Scully announces “It’s time for Dodgers baseball” before the team’s season opener in 2009. Credit: Allen J. Schaben / Los Angeles Times. Bottom photo: Scully prepares to call a game at Dodger Stadium in 2012. Credit: Gary Friedman / Los Angeles Times

He’s calling a gem tonight on MLB Network. 


Source latimes
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Air Algerie loses contact with plane over west Africa

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Air Algerie said Thursday it had lost contact with one of its passenger aircraft nearly an hour after takeoff from Burkina Faso bound for Algiers.

A company source told AFP that the missing aircraft was a McDonnell Douglas DC-9 and that some 110 people of various nationalities are listed as being on board the flight.

The source said contact with the aircraft was lost while it was still in Malian airspace approaching the border with Algeria.

Despite international military intervention still under way, the situation remains unstable in northern Mali, which was seized by jihadist groups for several months in 2012.

On July 17, the Bamako government and armed groups from northern Mali launched tough talks in Algiers aimed at securing an elusive peace deal, and with parts of the country still mired in conflict.

"The plane was not far from the Algerian frontier when the crew was asked to make a detour because of poor visibility and to prevent the risk of collision with another aircraft on the Algiers-Bamako route," the Air Algerie source said.

"Contact was lost after the change of course."


Source yahoonews