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Daniel P. Stipano quoted in ACAMS article, “US House committee approves broad AML overhaul”


Daniel P. Stipano

Daniel P. Stipano was quoted on May 9, 2019 in an ACAMS article, “US House committee approves broad AML overhaul,” which discussed the unanimous vote by the House Financial Services Committee in favor of the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (COUNTER Act), which includes more than two-dozen proposals for updating the Bank Secrecy Act. The article stated, “The 55-page bill would authorize financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates, and direct the Treasury Department to author and distribute ‘typologies’ on ‘emerging’ financial-crime trends at least once a month.   

Stipano noted, “The bill departs significantly from previous, stalled attempts to reform the BSA through legislation. What’s lacking from it is a central registry for beneficial ownership information. It’s a shame to pursue BSA reform and not tackle that.”

Click here to read the full article.