The day after the Senate Judiciary Committee hearing on anti-money laundering (AML) legislation in its jurisdiction (see Client Report LAUNDER130), Senate Banking continued its parallel push for bipartisan legislation. Chairman Crapo (R-ID) and Ranking Member Brown (D-OH), along with Sens. Cortez Masto (D-NV) and Sinema (D-AZ), were generally supportive of draft bipartisan legislation to require the disclosure of beneficial-ownership information to FinCEN at the company formation level and make structural changes to the AML framework (see FSM Report LAUNDER129). Reflecting the open comment period on the bill until late next month, Sen. Cotton (R-AR) indicated that the bill would be introduced later this summer.
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