In one of the last votes of the 116th Congress, lawmakers overturned President Trump's veto of a defense spending bill advancing ICBA-advocated BSA/AML reforms.

The 2021 National Defense Authorization Act includes relief from "beneficial ownership" disclosure mandates. A new Financial Crimes Enforcement Network database of company beneficial ownership information supplied directly by small businesses will be used by law enforcement.

ICBA worked closely with Congress to include the beneficial owner language in the defense bill, which is an initial step toward needed reporting relief as part of ICBA's push to modernize the BSA/AML regime.