Tuesday, June 30, 2020

Trade Groups Call for Inclusion of AML Bill in NDAA

In a June 27 letter to Senate Armed Services Committee leaders, seven financial trade organizations called for the inclusion of the Anti-Money Laundering (AML) Act of 2020 as part of the 2021 National Defense Authorization Act (NDAA).

The bill includes critical provisions for law enforcement investigations into organized transnational criminal operations, human trafficking, terrorism financing and other unlawful activity.

Among other things, the bill would direct the Financial Crimes Enforcement Network to create and maintain a secure beneficial ownership registry of legal entities. “The bill strikes the right balance between imposing minimal requirements on small businesses and providing critical information to law enforcement and financial institutions,” the groups wrote. “In addition, if enacted prior to the COVID outbreak, the bill could have assisted financial institution efforts to serve new customers under the Small Business Administration’s Paycheck Protection Program.”

The bill also modernizes anti-money laundering control and processes, enabling financial institutions to better assist law enforcement efforts to detect and deter financial crime and terrorism, the groups noted.

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