• DigiPli

Senate Committee Hearing Discusses 'Plugging the Gap' in US AML requirements

Updated: Aug 24, 2020

A Senate Committee Hearing on June 19, 2019 discussed plugging the "gap" in US AML requirements, by requiring formal disclosure of ultimate beneficial owners of US shell companies and LLCs. However, sentiment seemed to be leaning towards maintaining a private list of UBOs that would only be available to government agencies. This differs from the approach taken in other countries, where UBO lists are available to the public or participants in the financial system. We'll be following progress of the legislation closely, as a comprehensive, publicly available list of UBOs could very much accelerate performance of a financial institution's AML processes. See details here.

8 views0 comments