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ABA: The American Bankers Association

ABA Applauds House Passage of BSA/AML Modernization Bill

“Today’s House passage of the Corporate Transparency Act of 2019 is a critical step forward in modernizing the Anti-Money Laundering/Bank Secrecy Act framework that will help prevent bad actors from accessing the financial system. The bill, passed with strong bipartisan support, will require corporations and limited liability companies to self-report their beneficial owners to FinCEN, a long overdue change that would bring the U.S. in line with other countries and help banks identify legitimate businesses. The legislation will also build on the strong cooperation between banks and law enforcement by improving information sharing while ensuring that financial institutions keep providing the most valuable and relevant information possible.

“We thank Representatives Carolyn Maloney, Emanuel Cleaver and Peter King, as well as House Financial Services Committee Chairwoman Maxine Waters, for their strong leadership on the legislation. We urge the Senate to build on this momentum and move quickly to pass its own bipartisan bill.”


About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.8 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $19 trillion in deposits and extend $11 trillion in loans.

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