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.
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