News

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. In the first congressional hearing of the year on BSA reform, members of a House Financial Services subcommittee discussed three draft bills that would direct U.S. officials to give banks more regular feedback on their compliance efforts, conduct a wide range of studies on emerging financial-crime risks, and establish a centralized database of beneficial owners. Lawmakers briefly debated whether the IRS or Financial Crimes Enforcement Network would be the...