Federal Regulators Consider Applying Anti-Money Laundering Rules to Car Dealers
Federal regulators are considering applying anti-money laundering rules to car dealers and travel agents as part of the Bush administration's fight against drug dealers and terrorists, according to the Associated Press.
The Treasury Department's Financial Crimes Enforcement Network is looking into whether car dealers and travel agents should be required to adopt comprehensive programs to combat money laundering, and take certain steps to verify the identity of customers that they do business with, according to AP.
The department, in putting in place the 2001 USA Patriot Act, already has similar requirements for banks, credit card companies and other businesses. The law - passed in
the wake of the Sept. 11 terrorist attacks - expanded the government's powers to go after money launderers and to track down terrorist financiers, AP said.
Paul Metrey, director of regulatory affairs at the National Automobile Dealers Association (NADA), said his industry looks forward to providing the government with information "to come out with a sensible regulation."
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