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House committee passes AML bill with GTO amendment
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Legislative Developments
Monday, May 20, 2019
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The House Financial Services Committee passed HR 2514, the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (COUNTER Act), bipartisan legislation that closes loopholes in the Bank Secrecy Act, increases penalties for those who break the law, and helps provide financial institutions with new tools to fulfill their obligations under the law. The bill includes a provision to expand the Financial Crimes Enforcement Network’s real estate geographic targeting orders to include commercial real estate. Read on for more information and to see how that provision was amended.
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