ICBA today is calling on Congress to pass legislation that would require companies to disclose their “beneficial owners” when they are formed. In a statement for today’s Senate Banking Committee hearing on collecting beneficial ownership information, ICBA is urging support for Rep. Carolyn Maloney’s (D-N.Y.) Corporate Transparency Act (H.R. 2513).
ICBA’s statement says collecting this information for all legal-entity customers is a difficult and onerous task for banks. On the other hand, requiring businesses to provide this information to the Financial Crimes Enforcement Network would provide no additional burden on these companies over what they currently provide to banks under the existing Customer Due Diligence rule, ICBA says in its statement.
ICBA also provided its July 2018 white paper on modernizing anti-money-laundering and anti-terrorist-financing laws and regulations. As Congress debates Bank Secrecy Act reform, the white paper also advocates updating currency transaction report and suspicious activity report thresholds, providing more current information to financial institutions, and creating a tax credit to offset the cost of the Bank Secrecy Act.