CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Senate AML bill strikes correct balance, modernizes processes
Policy & Issues

Senate AML bill strikes correct balance, modernizes processes

June 29, 2020
Cap1

Passage of the Anti-Money Laundering Act of 2020 is a top priority of CUNA and other organizations that wrote to Senate Armed Services Committee leaders Monday. The bill is being considered for inclusion in the Senate National Defense Authorization Act (NDAA) for fiscal year 2020.

“This bill includes critical provisions for law enforcement investigations into organized transnational criminal operations, human trafficking, terrorism financing and other unlawful activity that threatens our national security,” the organizations wrote.

The Anti-Money Laundering Act would create a secure beneficial ownership registry of legal entities, held at the Financial Crimes Enforcement Network, a bureau of the Treasury Department, and the organizations believe it represents the best path forward to provide law enforcement with needed information to pursue criminals looking to exploit our financial system.

“The bill strikes the right balance between imposing minimal requirements on small businesses and providing critical information to law enforcement and financial institutions... The legislation also modernizes anti-money laundering controls and processes, which we believe will allow financial institutions to better assist law enforcement in its efforts to detect and deter financial crime and terrorism,” the letter reads.

The organizations note that, if this legislation had been enacted prior to the pandemic, it could have assisted financial institution efforts to serve new customers under the Paycheck Protection Program.

“Given the signs of increased illicit financial activity around COVID-19, Congress should act now to pass the Anti-Money Laundering Act as it will have a profound impact on preventing money laundering, human trafficking, drug smuggling, terrorism financing, fraud and other illicit activity,” the letter reads.

CUNA was joined in signing the letter by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum Institute of International Bankers and Mid-Sized Bank Coalition of America.

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • Credit unions foster financial well-being in members, survey shows

  • House passes CUNA-backed fair hiring bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us