"Congress, keep AML reform in the defense spending bill" by Daniel P. Stipano (American Banker)
American BankerDaniel P. Stipano
The House recently passed a defense spending bill that could be used to clear a path for one of the most significant anti-money-laundering legislations since the 2001 Patriot Act.
The pending National Defense Authorization Act included sweeping and long-overdue reforms to the Bank Secrecy Act, that address information sharing, new technology and outdated regulations, among other things. But the most meaningful change for banks could be a new national registry of beneficial owners of legal entities.
The information in the registry would be critical for law enforcement agencies, allowing them to pierce the opacity of shell companies used for money laundering and other illicit purposes.