With a vote anticipated in the House next week on two Bank Secrecy Act/anti-money laundering bills, ABA joined a group of financial trade organizations in a letter to House leaders urging them to pass these much-needed, modernizing reforms.
The groups wrote in support of H.R. 2513, a bill introduced by Rep. Carolyn Maloney (D-N.Y.) that would direct the Financial Crimes Enforcement Network to create a national database that banks could use to verify a business’s beneficial ownership information. The groups also urged support for H.R. 2514, a bill sponsored by Rep. Emanuel Cleaver (D-Mo.) that would modernize the existing BSA/AML framework by, among other things, enhancing bank-law enforcement communications.
“We believe this legislation will provide clarity and consistency in implementation to help streamline the due diligence process while providing law enforcement with the key information needed to pursue unlawful financial activities,” the associations said.