Trades back House bills on BSA/AML

Saying that Congress is “long overdue” to work together on legislation to prevent money laundering and counter terrorism financing, a group of financial services trade associations wrote House leaders in support of two bills expected to get votes this week.

The bills would create a national database that banks could use to verify a business’s beneficial ownership information and modernize the existing Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) framework by enhancing bank-law enforcement communications.

Read on for more details of the associations’ outreach.