ICBA Urges Senate to Take Up BSA Reform

Nov 25, 2019

ICBA called on Senate Banking Committee leaders to mark up bipartisan legislation that would help modernize the Bank Secrecy Act by creating a central database of company beneficial ownership information at the Financial Crimes Enforcement Network.

The ILLICIT CASH Act (S. 2563), sponsored by a bipartisan group of eight Senate Banking Committee members, would complement ICBA-supported legislation that the House passed last month. Those bills would require small businesses to disclose their "beneficial owners" directly to FinCEN (H.R. 2513) and index currency transaction report thresholds to inflation (H.R. 2514).

ICBA told the lawmakers that the bills are consistent with ICBA's recent white paper on modernizing the BSA/AML regime.