Jump to Content
ABA: The American Bankers Association
Compliance News

ABA Publishes Staff Analysis of NDAA AML Reforms

With the recently passed National Defense Authorization Act—still awaiting likely enactment—containing several critical Bank Secrecy Act/anti-money laundering compliance reforms, ABA has prepared a members-only staff analysis summarizing the provisions and what they mean for banks. Among other things, the bill directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information that banks may in turn rely on when complying with customer due diligence requirements.