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Written by Government Relations Updates

Senate Votes To Approve National Defense Authorization Act

On Friday, the Senate voted 84-13 to approve the National Defense Authorization Act, which contains an anti-money laundering amendment that requires businesses to report their true owners to FinCEN at the time of incorporation. The measure would relieve banks from this information collection and reporting.

The House previously passed the defense spending bill by a vote of 335-78, which together with the Senate vote sends it to the President’s desk with a comfortable veto-proof majority.

The banking industry supported these “anti-money-laundering and corporate transparency reforms” while non-bank trade groups like the National Federation of Independent Business lobbied heavily against the legislation, saying it would put unnecessary burdens on small businesses.

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