The House and Senate this week voted to overturn President Trump’s veto of the National Defense Authorization Act for fiscal year 2021. Passed in December, the now-enacted legislation includes several improvements to anti-money laundering rules long advocated by the American Bankers Association.
Among other things, the law directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information that banks may in turn rely on when complying with customer due diligence requirements. It also requires the Justice Department to report on how law enforcement uses Bank Secrecy Act data; calls for the Treasury Department to review BSA reporting requirements with an eye toward streamlining them, including reviewing current thresholds; and provides for financial institutions to share BSA compliance resources.
