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ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service Providers


On July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the types of institutions required to comply with AML requirements under the Bank Secrecy Act (BSA). The Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act could impose BSA/AML obligations on so-called “gatekeepers,” including law firms, investment advisers, payment processors, accounting firms and other professional services providers.

Continue reading the full GT Alert.


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