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Home Newsbytes

Senators Introduce Draft of Bipartisan AML Reform Bill

June 10, 2019
Reading Time: 1 min read

A bipartisan group of senators today released draft legislation aimed at reforming several existing anti-money laundering rules. The lawmakers—Sens. Mark Warner (D-Va.), Tom Cotton (R-Ark.), Doug Jones (D-Ala.) and Mike Rounds (R-S.D.)—are seeking public feedback on the bill by July 19.

Among other things, the bill would facilitate the use of transaction monitoring software, encourage information sharing and ensure that current and future payment systems are included in the AML/CFT supervisory regime. In addition, it directs the Financial Crimes Enforcement Network to establish a beneficial ownership database—something the American Bankers Association has previously advocated for.

The Senate bill is the latest development in an ongoing effort to modernize and strengthen the current AML/CFT framework in the U.S. On the House side, ABA is currently supporting a beneficial ownership database bill introduced by Rep. Carolyn Maloney (D-N.Y.) that is expected to be considered by the Financial Services Committee this week.

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