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Bipartisan AML Reform Effort Underway In Senate

Bipartisan AML Reform Effort Underway In Senate

Meanwhile, a bipartisan group of senators have unveiled draft legislation to reform anti-money-laundering requirements. The legislation would modernize the current scenario, which bankers consider outdated. The bill is sponsored by Democratic Senators Mark Warner (VA) and Doug Jones (AL) and GOP Senators Tom Cotton (AR) and Mike Rounds (SD) and would require companies to disclose to the Financial Crimes Enforcement Network (FinCen) their beneficial owners and create a comprehensive federal database for beneficial ownership information. 

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