US: Trade Associations Send Letter in Support of National Beneficial Ownership Registry

On March 13, 2019, the American Bankers Association (ABA) joined eight other trade organizations in sending a letter to the U.S. House of Representatives Committee on Financial Services, in which they stressed the need for creating a national beneficial ownership registry.

Under the current anti-money laundering and counter-terrorism financing (AML/CTF) regime in the United States, banks are required to collect the beneficial ownership information of their customers; however, the lack of a single, centralized federal registry to verify that information presents a significant gap in the regulatory system.

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