In this report, we analyze the late-afternoon House FinServ Terrorism and Illicit Finance subcommittee hearing with Treasury Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker.  Democrats and Republicans focused on sanctions success and members of both parties emphasized North Korea sanctions and their importance.  Republicans are also concerned with the status of sanctions on Iran, Hezbollah, and other financers of terrorist activities while Democrats focused more on sanctions on Russia.  Customer due diligence (CDD), especially with regard to beneficial ownership, was also addressed, with subcommittee Chairman Pearce (R-NM) asking if the Office of Terrorism and Financial Intelligence (OTFI) has made any progress with regard to additional guidance identifying high-risk clients for whom beneficial ownership information would be collected.

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