Financial Trade Groups Want Anti-Money Laundering Plan Added to Massive Defense Bill

A broad coalition of financial services trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is urging the Senate to include bipartisan Anti-Money Laundering and Bank Secrecy Act legislation in the massive defense authorization bill the Senate will continue debating next week.

Senate Banking Chairman Mike Crapo (R-Id.) and the panel’s ranking Democrat, Sherrod Brown of Ohio, along with several other committee members, have offered an amendment to the defense authorization bill that would update AML/BSA rules.