Senate Banking Holds Listening Session on Reforming AML/CFT Framework
Today’s Senate Banking hearing on modernizing the AML framework showed bipartisan agreement on broad principles of reform, but less consensus on critical details. Reflecting this, today’s session is the first of at least two hearings. Senate Democrats led by Ranking Member Brown (D-OH) pushed hard for requiring beneficial-ownership disclosure and, while there was minor disagreement regarding details, all three witnesses agreed. Republicans did not directly embrace this, but also did not push back when Sen. Warner (D-VA) and a witness described it as the “consensus” view.