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 BPI’s Heather Hogsett Testifies Before House Subcommittee on Cybersecurity, CISA’s Contributions
AML, Bank Secrecy Act and Sanctions FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions
AML, Bank Secrecy Act and Sanctions BPI Responds to FinCEN Request for Comments Regarding Beneficial Ownership Information Reports
AML, Bank Secrecy Act and Sanctions Russian Oligarchs Hide Money in U.S. Only Reliable Data Can Stop Them.
AML, Bank Secrecy Act and Sanctions BPI Comments on FinCEN Proposed Rulemaking on Access to and Safeguards for Beneficial Ownership Information
AML, Bank Secrecy Act and Sanctions Business-Ownership Registry Access Rules Should Ensure Banks Can Focus on Threats
AML, Bank Secrecy Act and Sanctions BPI and ABA Respond to FinCEN Advanced Notice of Proposed Rulemaking on Establishing a No Action Letter Process
More Posts by This Author
Bank Capital and Stress Testing U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Bank Activities and Structure BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy
Basel Finalization BPI’s Greg Baer Testifies on Basel Endgame Before House Financial Services Subcommittee