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
Russian Oligarchs Hide Money in U.S. Only Reliable Data Can Stop Them.
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
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
More Posts by This Author