The American Bankers Association and several other financial groups yesterday thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering and counter-terrorist financing modernization bill that will help prevent criminals from using shell companies to hide illicit activity.
The bill would impose a beneficial ownership reporting requirement on closely held, non-public legal entities and provide financial institutions with access to reported information to help them with their customer due diligence compliance efforts. “Financial institutions should be able to rely on the information reported by businesses to FinCEN, which would, in turn, reduce the reporting burden on those businesses,” the groups said.
