The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony from non-government organizations about how draft legislation that would require businesses to report beneficial ownership information might impact small businesses.
A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
SEC Office of Compliance Inspections and Examinations Director Peter Driscoll urged firms to establish and maintain strong compliance programs that address AML, microcap securities, paying agents and cybersecurity.
The Financial Crimes Enforcement Network renewed a Geographic Targeting Order requiring title insurance companies to collect and report beneficial ownership information for certain real estate purchases.
Treasury Department Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described risks and responsibilities associated with money laundering and financing of terrorism in distributed ledger technologies.