The Clearing House sent a letter to House and Senate sponsors of the Incorporation Transparency and Law Enforcement Assistance Act expressing support for the legislation and its intent to help combat terrorist financing activities through the use of shell companies. The letter suggests that banks could also potentially benefit from having access to the information for their due diligence efforts and requests clarification in the bill to ensure that access.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions Financial Crime Fighters’ Huge Tech Revamp Is More Urgent Than Ever. Here’s What’s Needed to Finish It
AML, Bank Secrecy Act and Sanctions BPI Recommends Changes to Suspicious Activity Report Sharing Pilot Program to Encourage Participation
AML, Bank Secrecy Act and Sanctions BPI Responds to FinCEN Request for Comment on Renewal of Foreign Financial Agent Transaction Reporting
AML, Bank Secrecy Act and Sanctions BPI Comments on FinCEN Review of Bank Secrecy Act Regulations and Guidance
AML, Bank Secrecy Act and Sanctions BPI Supports FinCEN Effort to Stem Shell-Company-Enabled Money Laundering
AML, Bank Secrecy Act and Sanctions BPI Submits Recommendations to FinCEN as Bureau Implements Beneficial Ownership Changes
More Posts by This Author
Digital Assets BPI Comments on Treasury Department Review of Digital Assets in Response to Executive Order
Community Reinvestment Act BPI Comments on Federal Banking Agencies’ Community Reinvestment Act Proposal
Bank Liquidity The Bank of England Just Released Its Plan for Getting Smaller. The Fed Could Learn from it.