The financial industry, which has been clamoring for a modernized approach to Bank Secrecy Act/anti-money laundering (BSA/AML) compliance policies, has expressed support for a bipartisan bill recently introduced in the Senate.
The Illicit Cash Act (S. 2563), introduced by Sens. Mark Warner (D-Va.) and Tom Cotton (R-Ark.), would create a beneficial ownership registry within the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to help eliminate illegal activities perpetrated by anonymous shell corporations.
Find out more details about the legislation.