BANKING DIVE: AML bill would root out shell companies, curb banks' compliance costs

A bill that aims to reform anti-money laundering (AML) laws in the U.S. would also streamline compliance costs for financial institutions, said Rep. Carolyn Maloney, D-NY, during a keynote speech ahead of the Brookings Institution's anti-money laundering panel Wednesday.

On the 18th anniversary of the Sept. 11, 2001, terrorist attacks that killed nearly 3,000 people in New York City, the Pentagon and Shanksville, Pennsylvania, Maloney said the bill addresses "one of the most pressing national security problems we face in this country."

"Anonymous shell companies are the vehicle of choice for money launderers, criminals and terrorists," she said.

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