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ABA: The American Bankers Association
Statement

ABA Applauds Bipartisan Agreement in NDAA to Prevent Abuse of Anonymous Shell Companies

“We applaud the House, Senate and National Defense Authorization Act conferees for today’s bipartisan agreement that will provide a needed update to our nation’s anti-money laundering laws and help prevent the abuse of anonymous shell companies. Creating a secure beneficial ownership registry of legal entities at FinCEN will promote transparency and make it harder for terrorists, criminals, and other bad actors to access the financial system. Other key provisions in the legislation will help banks provide law enforcement with better information to detect and prevent financial crime. We strongly support this bill which will strengthen America’s national security, and we urge Congress to quickly pass the NDAA.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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Blair Bernstein

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