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Daniel P. Stipano quoted in an ACAMS article, “Beneficial ownership, AML reform bill advances to US Senate”

ACAMS

Daniel P. Stipano

Daniel P. Stipano was quoted on October 23, 2019 in an ACAMS article, “Beneficial ownership, AML reform bill advances to US Senate,” which discussed a bill in the House of Representatives introduced by Rep. Carolyn Maloney (D-NY), which is aimed at reforming U.S. anti-money-laundering rules and shining a light on the true owners of U.S. legal entities. The bill cleared the House of Representatives and now awaits consideration by the Senate. The article stated,” The House and Senate versions differ in that the former directs the Treasury Department to adjust the $10,000 threshold for reporting cash transfers in line with inflation while the latter only requires the department to consider doing so.” Stipano noted that Maloney’s bill may face stiffer opposition in the Senate. “The overall atmosphere in Congress at the moment is not one of cooperation.”

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