House Financial Services Committee Advances Several ABA-Backed Bills
The House Financial Services Committee voted to advance the NFIP Reauthorization Act of 2019
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ABA, Industry Groups Support Beneficial Ownership Bill
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.
State Bankers Associations Support Beneficial Ownership Bill
A group of 51 state bankers associations today wrote to House Financial Services Committee leaders in support of H.R. 2513, a bill introduced by Rep. Carolyn Maloney (D-N.Y.) calling for the Financial Crimes Enforcement Network to create a database of beneficial ownership information.
FinCEN Announces New Innovation Program
The Financial Crimes Enforcement Network announced today a new program to facilitate innovative approaches to combating money laundering and terrorist financing.
ABA Calls for Federal Beneficial Ownership Registry
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.
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
FinCEN Reissues Real Estate Geographic Targeting Orders
The Financial Crimes Enforcement Network today reissued its geographic targeting orders temporarily requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
House Financial Services Committee Advances BSA/AML Bill
The House Financial Services Committee today voted to advance H.R. 2514—an American Bankers Association-backed bill introduced by Rep. Emanuel Cleaver (D-Mo.) that would modernize the Bank Secrecy Act/anti-money laundering framework.
Rep. Waters Previews Plans for Housing Finance, BSA/AML Reform
In remarks at the American Bankers Association Washington Summit today, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) previewed several policy initiatives that the committee will pursue under her leadership, including housing reform, cannabis and Bank Secrecy Act/anti-money laundering reform.
FinCEN Updates List of AML/CFT Jurisdictions
The Financial Crimes Enforcement Network last week released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies, as well as jurisdictions with AML/CFT deficiencies that are working to correct them.