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ABA: The American Bankers Association
Compliance News

ABA, Trade Groups Call for National Beneficial Ownership Registry

As the House Financial Services Committee held a hearing on financial crimes, ABA joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.

As the House Financial Services Committee held a hearing on financial crimes, ABA joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry. While banks are required to collect the beneficial ownership information of their customers, the groups noted that the lack of a single, centralized federal registry that could be used to verify that information "represents a significant gap in the U.S. regulatory system that allows criminals, money launderers, kleptocrats and terrorist financiers to obscure their identities from law enforcement."