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Tough TimesTough Times
Trustees face many challenges as we begin the year 2006. First, trust institutions are grappling with the anti-money laundering (AML) and bank secrecy act (BSA) requirements of various federal agencies. Second, all trustees both institutional and individual must strike the appropriate balance between the expectations of beneficiaries and the demands of a changing legal environment. And third, trustees
January 1, 2006
Gail E. Cohen, executive vice president and general trust counsel, Fiduciary Trust Company Intern
Trustees face many challenges as we begin the year 2006. First, trust institutions are grappling with the anti-money laundering (AML) and bank secrecy act (BSA) requirements of various federal agencies. Second, all trustees — both institutional and individual — must strike the appropriate balance between the expectations of beneficiaries and the demands of a changing legal environment. And third, trustees are witnessing an explosion of investment opportunities and must understand how to incorporate these into a trust portfolio.
AML/BSA REGULATION
As Riggin Dapena, senior vice president at Bank of America, put it on Oct. 20, 2005 when speaking o...
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