Gary Kalman

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

The House Financial Services Committee was scheduled to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.