House Dems Kick Off Bid to Revamp Anti-Money Laundering Rules (2)

Lawmakers are gearing up to rejigger closely watched anti-money laundering rules, including new reporting requirements meant to expose the true owners of newly formed businesses.

These proposals were the focus of a House Financial Services subcommittee hearing on March 13 — the first time during this Congress that the panel keyed in on anti-money laundering (AML) challenges. Committee Democrats took advantage of their ability to steer the discussion this time around, omitting a provision in a draft bill that would raise the financial transactions minimums that would trigger companies to report them to the government.

The draft bill would bring ...