This week, the Acting Director for the Financial Crimes Enforcement Network (FinCEN), Him Das testified before the U.S. House of Representatives Committee on Financial Services.
In his remarks, he mentioned Congress’ work to modernize the AML/CFT regime by enacting the Anti-Money Laundering Act of 2020 (AML Act), which included the Corporate Transparency Act (CTA) of 2020, which required FinCEN to develop rules regarding the collection of beneficial ownership information for owners of certain types of companies doing business in the U.S. He also highlighted FinCEN’s key priorities, which include data protection, building an enhanced AML/CFT framework, and greater accountability through enforcement.
NAR continues to track anti-money laundering matters and will continue to keep you posted regarding key updates.
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