What Legislative and Regulatory AML/BSA Changes Mean for Banks
Next week, the House is expected to vote on two ABA-backed, bipartisan bills to modernize the anti-money laundering/Bank Secrecy Act regime. The House vote continues what has been a busy fall on BSA reforms. On the latest episode of the ABA Banking Journal Podcast — sponsored by Money Concepts International — ABA’s policy team breaks down: Legislative developments in the House and Senate — including Rep. Carolyn Maloney’s Corporate Transparency Act (H.R. 2513), Rep. Emanuel Cleaver’s Counter Act (H.R. 2514) and Sens. Mark Warner and Tom Cotton’s Illicit Cash Act (S. 2563) — and what they will mean for compliance and financial crimes professionals. Anticipated changes from federal regulators and the Financial Crimes Enforcement Network, including possible changes to the BSA examination manual. Efforts by regulators and FinCEN to promote innovation in AML/BSA monitoring and enforcement.
