Legislation is advancing in the BSA world

There are several bills in congress, and some still in committee, that could impact the Bank Secrecy Act (BSA) world.  Keep an eye open for H.R. 2514, a bill introduced by Representative Emanuel Cleaver (D-Mo.) that would modernize the Bank Secrecy Act/anti-money laundering framework.  There is legislation being worked on that would seek to combat the use of shell corporations and create a secure beneficial ownership registry of legal entities to be overseen by FinCEN.  There is also a bill that would help resolve the conflict between state and federal laws on marijuana.

At this time none of these are laws, but as always, compliance is always changing.  Keep your eyes open and participate in the discussion.  If you need help navigating any of the changes, give us a call.