Will the U.S. Modernize Anti-Money Laundering Laws?

Updated: Dec 4, 2019

The recently proposed Corporate Transparency Act of 2019 (H.R. 2513) was passed by the House earlier this week. Among other changes, the bill amends the decades old Bank Secrecy Act (BSA) and aims to bring the U.S. in line with global standards on corporate transparency. Most notably, it would impose beneficial ownership reporting requirements on persons forming corporations and LLCs as well as create a comprehensive national database of business ownership information maintained by the Financial Crimes Enforcement Network (FinCEN). Although the database would not be publicly accessible, such information would be available to law enforcement and to financial institutions upon a proper request and customer consent. This database would enable financial institutions to more easily verify beneficial ownership information and assist law enforcement in tracking illegal financial transactions. The legislation will now proceed to the Senate where a similar bill (the ILLICIT CASH Act), also focused on ending the use of anonymously-owned companies in the U.S., has been introduced. #aml #compliance #transparency #beneficialownership #shellcompanies

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