Tell Congress to Modernize Money-Laundering Regs

Oct 16, 2019
With a House vote expected as soon as next week, ICBA is calling on community bankers to urge their representatives to support legislation providing relief from "beneficial ownership" disclosure mandates.

Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513) would require certain small businesses to disclose their "beneficial owners" to the Financial Crimes Enforcement Network when they are formed or there is a change in ownership structure.

The ICBA-advocated bill would relieve community banks of the burden of collecting this information from their customers.

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