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. Members of the House Financial Services Committee voted unanimously in favor of the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act, or COUNTER Act, which includes more than two-dozen proposals for updating the BSA, the 1970 law that underpins the U.S. anti-money laundering framework. The 55-page bill would authorize financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and...
U.S. lawmakers on Wednesday suggested wide-ranging adjustments to the Bank Secrecy Act aimed at increasing collaboration between banks and law enforcement and addressing the exploitation of corporate structures by financial criminals.
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