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Daniel P. Stipano quoted in ACAMS article, “Senators propose beneficial ownership registry, other AML reforms”


Daniel P. Stipano

Daniel P. Stipano was quoted on June 10, 2019 in an ACAMS article, “Senators propose beneficial ownership registry, other AML reforms,” which discussed proposed legislation that would require legal entities to reveal the identity of their owners to the Treasury Department as well as allow FinCEN to approve firms’ use of software for monitoring transactions. The article stated, “The proposals follow last month’s introduction of House legislation by Rep. Emanuel Cleaver (D-MO) that would similarly enhance data sharing between the public and private sectors, support technological innovations made for anti-money laundering purposes, and mandate dozens of other upgrades to the 1970 Bank Secrecy Act. Unlike the Senate bill, the COUNTER Act would leave the establishment of a federal registry of corporate beneficial owners to separate legislation.”

Stipano noted, “A centralized database would be a big step forward in terms of financial transparency. But, in the past, this approach has faced strong opposition, so the Senate bill may face significant roadblocks if this language is included.”

Click here to read the full article.