Twelve financial groups on January 4th thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering (AML) and counter-terrorist financing modernization bill that will help prevent criminals from using shell companies to hide illicit activity.
The bill would impose a beneficial ownership reporting requirement on closely held, non-public legal entities and provide financial institutions with access to reported information to help them with their customer due diligence compliance efforts.
“Financial institutions should be able to rely on the information reported by businesses to FinCEN, which would, in turn, reduce the reporting burden on those businesses,” the groups said.
The bill also requires the the Treasury Department to set national priorities for the AML/CFT regime; to facilitate information sharing and feedback between financial institutions and law enforcement; and to encourage the use of technology and artificial intelligence within financial institutions' anti-money laundering programs.
Read the letter.
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