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Legislative Agendas BSA/AML Anti-Money Laundering

Alston & Bird

GENIUS Act Establishes Federal Regulatory Oversight of Global Stablecoin Industry

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Our Privacy, Cyber & Data Strategy and White Collar, Government & Internal Investigations Teams examine how the GENIUS Act’s framework for stablecoin issuers will impact the cryptocurrency sector....more

K2 Integrity

National Defense Authorization Act (NDAA) 2021: Landmark AML Reforms Pass Congress

K2 Integrity on

In the most consequential update to the Bank Secrecy Act (BSA) since the 2001 passage of the USA PATRIOT Act, the United States Congress on 11 December passed a wide-ranging bill that broadens and updates the BSA and the U.S....more

Carlton Fields

Credit Unions Ask Senate Banking Committee to Make Cannabis Banking Safe

Carlton Fields on

In the latest chapter of the ongoing saga of the U.S. Senate’s consideration and hopeful passage of the Secure and Fair Enforcement (SAFE) Banking Act, on February 7, 2020, the Credit Union National Association (CUNA) sent a...more

Carlton Fields

House Members Strongly Urge Senate Banking Committee to Make “Legal” Cannabis SAFE for Banking

Carlton Fields on

On January 21, 2020, the four lead bipartisan sponsors of H.R. 1595, the SAFE Banking Act, U.S. Reps. Ed Perlmutter, D-Colo., Steve Stivers, R-Ohio, Denny Heck, D-Wash., and Warren Davidson, R-Ohio, sent a letter to Senate...more

Ballard Spahr LLP

Shell Company Update: Congress and FATF Target Beneficial Ownership

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U.S. House Passes Corporate Transparency Act; FATF Issues Guidance on Identifying Entities’ Beneficial Owners - First Post in a Two-Post Series on Beneficial Ownership - As we often blog, the issue of the beneficial...more

Rumberger | Kirk

House Passes Bill To Protect Banks, Credit Unions And Insurance Companies Providing Services To Legal Cannabis Businesses

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Banks, credit unions and insurance companies would be protected in doing business with a wide variety of businesses including marijuana sellers if the “SAFE Act,” passed by the U.S. House of Representatives on September 26,...more

The Volkov Law Group

House of Representatives Passes Bill Aimed at Marijuana Industry Financial Reforms

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A new bill that would make it easier for financial institutions to provide services to “marijuana-related businesses” has passed the U.S. House of Representatives 321-103 with strong bipartisan support....more

White & Case LLP

What’s Missing From BSA/AML Reform?

White & Case LLP on

In recent months, support for Bank Secrecy Act/anti-money laundering ("BSA/AML") reform has gained momentum in the US Congress as more than 20 pieces of reform-related legislation circulate the financial services committees....more

Ballard Spahr LLP

Should the Financial Industry Be Detecting Future Mass Shooters?

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The United States continues to be plagued by mass shootings, which appear to be increasing in both frequency and lethality.  Certain businesses have reacted by adjusting their business models, such as the recent decision by...more

Ballard Spahr LLP

More on AML Reform: Artificial Intelligence, Beneficial Ownership and Real Estate

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Second Post in a Two-Part Series - In our first post in this series, we described how the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Banking Committee”) met in open session late last week to conduct a...more

K2 Integrity

Is Your AML Program Up to the Task?

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Fulfilling today’s requirements for anti-money laundering and counterterrorism financing/sanctions compliance is no easy task for financial institutions. ...more

Ballard Spahr LLP

Congress Contemplates Broad AML/BSA Reform

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As we blogged earlier this week, Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), in committee in the Senate.  The CTIFA proposes the most substantial overhaul to the Bank...more

Ballard Spahr LLP

Congress Proposes National Directory of Beneficial Owners of Legal Entities

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Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), currently in committee in the Senate.  The CTIFA proposes the most substantial overhaul to the Bank Secrecy Act (“BSA”) since...more

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