Experts Agree Congress Needs to Mandate Collection of Beneficial Ownership Data
Congress needs to do more to help banks make beneficial ownership rules work, according to banking and compliance experts, and the collection of information may be the key.
May 23, 2019 at 05:17 PM
5 minute read
Banking and compliance experts tend to agree with regulators that the year-old beneficial ownership rules are helping to enhance financial transparency, but that Congress still needs to do more to help banks make it work. One key need: The collection of information.
That view emerged this week from testimony before a hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs. The awareness of various challenges, including getting information to verify ownership, also arose from a recently released survey of more than 200 commercial banks and credit unions by RSM US LLP, an audit and consulting firm.
Rob Farling, national leader of anti-money laundering and regulatory compliance at RSM, told Corporate Counsel that the high level of confidence expressed by respondents was a highlight of the survey findings.
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