News

U.S. lawmakers' latest attempt to streamline federal rules against illicit finance would task the Treasury Department's Financial Crimes Enforcement Network with directing federal anti-money laundering examinations. A bipartisan group of eight senators formally introduced a wide-ranging, AML reform bill Sept. 26, laying out proposals that would bolster data sharing and compliance-related innovation under the Bank Secrecy Act, or BSA, and require legal entities to disclose their beneficial owners at the time of incorporation to FinCEN. The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act, or ILLICIT CASH Act, also instructs the Treasury Department...