Browsing: FinCEN

Compliance/Risk

The American Bankers Association joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill introduced today that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.

Compliance/Risk

Ahead of the House Financial Services Committee markup today, the American Bankers Association joined eight other financial trade organizations in support of Rep. Carolyn Maloney’s (D-N.Y.) bill (H.R. 2513) to counter the use of shell corporations to move illicit funds.

Compliance/Risk

Ahead of a Senate Banking Committee hearing tomorrow on beneficial ownership, the American Bankers Association wrote to committee members calling for the establishment of a federal registry of beneficial ownership information that banks could use to facilitate compliance with FinCEN’s customer due diligence rule.

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