ICBA urges Congress to pass 'beneficial owner' reform

ICBA called on members of Congress to pass a compromise defense spending bill that includes a key step toward ICBA-advocated relief from "beneficial ownership" disclosure mandates.

The fiscal 2021 National Defense Authorization Act, which could come to a final vote this week, would create a Financial Crimes Enforcement Network database of company beneficial ownership information for use by law enforcement.

In a letter to House and Senate Armed Services Committee leaders, ICBA said the provision would deter the use of shell companies while marking a good start toward needed relief from onerous reporting requirements.

ICBA has worked closely with lawmakers to include the beneficial owner language in the defense bill as part of its push for modernizing the BSA/AML regime.