After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.
Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank.
The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.
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.
They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals.
The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.
Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis, which helps law enforcement track digital-coin transactions.
