A bipartisan group of senators has released draft legislation to reform aspects of the Bank Secrecy Act (BSA), specifically targeted at anti-money laundering (AML)-combating the financing of terrorism (CFT) requirements. The draft comes as the House Financial Services Committee is set to markup a bill related to beneficial owners.
The draft from Senate Banking Committee members Mark Warner, D-Va., Tom Cotton, R-Ark., Mike Rounds, R-S.D., and Doug Jones, D-Ala., aims to modernize the AML-CFT regime and create a more transparent cooperate ownership system.
According to a release from the senators, the draft legislation would, among other things:
- establish federal reporting requirements mandating that all beneficial ownership information be maintained in a comprehensive federal database, accessible by federal and local law enforcement;
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