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In the most consequential update to the Bank Secrecy Act (BSA) since the 2001 passage of the USA PATRIOT Act, the United States Congress on 11 December passed a wide-ranging bill that broadens and updates the BSA and the U.S. anti-money laundering/combating the financing of terrorism (AML/CFT) regime, creates a national beneficial ownership reporting framework for legal persons, and fosters innovation and information-sharing
1. The Anti-Money Laundering Act of 2020 (AML Act) and its inclusion in the 2021 National Defense Authorization Act (NDAA) demonstrate strong bipartisan consensus in Congress. The NDAA passed both houses of Congress by wide margins, and is likely to withstand a potential veto.
Mercantile Bank International Taps Capitol Hill, Goldman Sachs Veteran as New President
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SAN JUAN, Puerto Rico, Dec. 10, 2020 /PRNewswire/ Mercantile Bank International (MBI), an innovative payments and digital asset custody bank based in Puerto Rico, today announced the hiring of Eric Edwards to lead its growing U.S. and global banking operations.
Edwards, who has over 25 years of banking and financial services regulatory experience in the private sector and on Capitol Hill, joins MBI as president and will split time between Washington, DC, and San Juan. Eric s deep knowledge of bank and financial services regulatory matters, combined with his business acumen and broad relationships throughout the industry and in the regulatory community, make him the perfect candidate to lead MBI into the future, said Bo Collins, Chairman of MBI.