U.S. legislation aimed at enhancing financial-intelligence sharing, privacy protections and training of examiners who measure compliance with the Bank Secrecy Act came a step closer to becoming law on Thursday after clearing its first congressional hurdle.
Representative Emanuel Cleaver (D-MO) introduced the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019, or COUNTER Act, which aims to strengthen the Bank Secrecy Act and introduce various anti-money laundering reforms.
May 3, 2019