AMERICAN BANKS ASSOCIATION AND TRADE BODIES IN US SUPPORT LEGISLATION TO CREATE BENEFICIAL OWNER REGISTRY

The ABA Banking Journal on 26th September reported that the ABA had joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan Bill that would create a secure beneficial ownership registry of legal entities, to be overseen by FinCEN and the US Treasury.  Creating such a data base would help close a “massive loophole” in the existing AML framework, the groups said.  ABA—which says it has long advocated for the creation of a beneficial ownership registry—also sent its own letter of support to Senate lawmakers.

https://bankingjournal.aba.com/2019/09/aba-trades-support-legislation-to-create-beneficial-owner-registry/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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