Jump to Content
ABA: The American Bankers Association
Statement

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 $22.5 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.

Press Contact

Blair Bernstein

(202) 663-5468

Contact Blair
Useful Links

Resources for the Media

Media Contacts

All inquiries from the press can be directed to one of our press contacts.

ABA Expert Photos

Hi-Res photos for use by the press.

ABA Media Appearances

Getting the industry's message out – in print and on the air – about banks' health and lending, as well as policies that are harmful to economic recovery.

Media Credentials

Complimentary press registrations are available for select events.

Join Our Media Lists

Want to be added to our news release list? Sign up here.

RSS Feed

Get ABA press releases via RSS.