The House of Representatives passed a bill designed to reform the Bank Secrecy Act and related anti-money laundering laws.
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On January 1, 2021, Congress overrode a presidential veto to enact the Anti-Money Laundering Act of 2020. The Act creates a broad range of new obligations for federal agencies, financial institutions and other entities.
Democratic lawmakers introduced two separate bills that would, among other things, reschedule cannabis under the Controlled Substances Act and increase funding for research.
A Facebook executive responded to regulatory concerns over the company's proposed blockchain-based cryptocurrency, "Libra."
The House Financial Services Committee released a staff report investigating whether the U.S. Department of Justice's decision not to prosecute HSBC for "serious violations of U.S. anti-money laundering laws and related offenses" was "based on the size of financial institutions and [a] belief that such prosecutions could negatively impact the economy."