With a bipartisan majority of 336 to 71, the House today voted to add American Bankers Association-advocated anti-money laundering provisions to the 2021 National Defense Authorization Act. NDAA still requires a vote of the House on passage of the final amended bill, which is expected as soon as tomorrow.
ABA and BAFT—ABA’s global transaction banking subsidiary—along with other financial trade groups had urged House Armed Services Committee leaders to include key anti-money laundering provisions in NDAA. The provisions would direct the Financial Crimes Enforcement Network to establish and maintain a registry of beneficial ownership information and also modernize Treasury authorities and certain anti-money laundering requirements.
The groups noted that these provisions will “assist in preventing money laundering, human trafficking, drug smuggling, terrorism financing, fraud and other illicit activity.” These provisions passed the House with a bipartisan majority in a standalone bill last year.
This story has been updated to reflect the House vote on the amendment.