News Topic: KYC

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Congress's enactment of the defense spending bill opposed by the White House removes the final hurdle for a key anti-money-laundering provision. ... Read full article

A defense spending package includes a measure requiring new businesses to report their beneficial owners directly to the Financial Crimes Enforcement Network, shifting the burden away from banks. ... Read full article

Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package. ... Read full article

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University Professor. ... Read full article

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program. ... Read full article

Few lenders are finding creative ways to provide much-needed financial advice and emergency services online. ... Read full article

The American Bankers Association said it’s offering a new online course because of increased demand by members for training tailored to banking. ... Read full article

Former T. Rowe Price portfolio manager Henry Ellenbogen is making Rapyd his first bet. ... Read full article

The 2020 elections and a potential new chair of the Senate Banking Committee in the next Congress could put a deadline on passage of a bill to ease a key anti-money-laundering requirement for banks. ... Read full article

Beneficial-ownership legislation is within the banking industry’s reach, but the prospect of new regulatory burdens for small businesses is forcing lawmakers to choose sides. ... Read full article

The Corporate Transparency Act would require companies to report their true owners to the Financial Crimes Enforcement Network, removing the burden of banks to collect beneficial ownership information about their clients. ... Read full article

With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism. ... Read full article

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation. ... Read full article

The technology can help banks get the most out of the vast amounts of information at their disposal. ... Read full article

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation. ... Read full article

Banks can fine-tune their apps so the customer doesn't give up halfway through a cumbersome sign-up process. ... Read full article

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities. ... Read full article