Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: StockDung who wrote (17771)	5/28/2006 7:31:20 PM
From: scion	of 19428

SEC Files First Enforcement Action Under Patriot Act May 23, 2006 slw.issproxy.com Did you know that the SEC's Division of Enforcement brings cases under the USA PATRIOT Act? Did you know that "USA PATRIOT" is actually an acronym for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism? As of yesterday, the SEC does bring such cases and, as of today, you will be able to answer "yes" to both questions above. The SEC announced yesterday that it had sanctioned Los Angeles broker-dealer Crowell, Weedon & Co. for failing properly to document its customer identification program. The USA PATRIOT Act seeks to protect the U.S. financial system from money laundering and terrorist financing by, among other things, requiring broker-dealers to implement and document identity verification procedures for all new accounts. The SEC stated that without admitting or denying any of the findings, Crowell, Weedon consented to a C&D order prohibiting future violations of Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 thereunder. The SEC further alleged that Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 require a broker-dealer to comply with certain record-keeping requirements under the Bank Secrecy Act, as amended by the USA PATRIOT Act.

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