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Article 7.Measures to combat money-launderingRolling text (A/AC.254/4)A. Negotiation textsFirst session: 19-29 January 1999“Article 4 bis“Measures to combat money-laundering 11. “Each State Party shall institute a domestic regulatory regime for financialinstitutions 2 doing business within its jurisdiction to deter and detect money-laundering.Such regimes shall include the following minimum requirements:“(a) The licensing and periodic examination of such institutions;“(b) The elimination of bank secrecy laws that may impede the operation ofStates Parties’ anti-money-laundering programmes; 3“(c) The making and retaining by such institutions of clear and complete recordsof accounts and transactions at, by or through the institution for at least five yearsand ensuring that those records are available to appropriate authorities for use in criminalinvestigations, prosecutions and regulatory or administrative investigations andproceedings;“(d) Ensuring the availability to law enforcement, regulatory and administrativeauthorities of information held by such institutions on the identity of clients and beneficialowners of accounts; to this end, States Parties shall prohibit financial institutionsfrom offering accounts identified only by number, anonymous accounts oraccounts in false names; and“(e) Requiring such institutions to report suspicious or unusual transactions.“2. States Parties shall examine their domestic regimes relating to the establishmentof business organizations and shall consider whether additional measures arerequired to prevent the use of such entities to facilitate money-laundering activities.“3. States Parties shall consider implementing feasible measures to detect andmonitor the movement of cash and appropriate negotiable instruments across their1There was no discussion on this article during the informal preparatory meeting held in Buenos Aires in 1998. Onedelegation expressed the view that this issue should be viewed taking into account other regional initiatives.2The term “financial institution” includes, at a minimum, banks, other depository institutions and appropriate non-bankproviders of financial services (such as securities dealers or brokers, commodities futures dealers or brokers, currency dealersand exchangers, fund transmitters and casinos).3At the informal preparatory meeting held in Buenos Aires in 1998, one delegation expressed reservations regardingthe elimination of bank secrecy.63