Legis Daily

ENABLERS Act

USA117th CongressHR-5525| House 
| Updated: 10/8/2021
Tom Malinowski

Tom Malinowski

Democratic Representative

New Jersey

Cosponsors (5)
Abigail Davis Spanberger (Democratic)Steve Cohen (Democratic)Maria Elvira Salazar (Republican)Joe Wilson (Republican)Richard Hudson (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act or the ENABLERS Act This bill expands the definition of a financial institution for purposes of reporting suspicious transactions, anti-money laundering programs, and other related measures. Specifically, the bill expands this definition to include persons who provide investment advice for compensation; persons who trade in works of art, antiques, or collectibles; attorneys, law firms, or notaries involved in financial or related activity on behalf of another person; certain trusts and company service providers; certified public accountants and public accounting firms; persons engaged in the business of public relations, marketing, communications, or other similar services in such a manner as to provide another person anonymity or deniability; and persons engaged in the business of providing third-party payment services. Additionally, the Financial Crimes Enforcement Network must establish a task force to develop a strategy to impose anti-money laundering safeguards and enforce requirements on certain professions. Finally, domestic title insurance companies must obtain, maintain, and report to the Department of the Treasury information on the beneficial owners of entities that purchase or sell residential or commercial real estate in transactions involving the domestic title insurance company.
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Timeline
Oct 8, 2021
Introduced in House
Oct 8, 2021
Referred to the House Committee on Financial Services.
  • October 8, 2021
    Introduced in House


  • October 8, 2021
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

ENABLERS Act

USA117th CongressHR-5525| House 
| Updated: 10/8/2021
Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act or the ENABLERS Act This bill expands the definition of a financial institution for purposes of reporting suspicious transactions, anti-money laundering programs, and other related measures. Specifically, the bill expands this definition to include persons who provide investment advice for compensation; persons who trade in works of art, antiques, or collectibles; attorneys, law firms, or notaries involved in financial or related activity on behalf of another person; certain trusts and company service providers; certified public accountants and public accounting firms; persons engaged in the business of public relations, marketing, communications, or other similar services in such a manner as to provide another person anonymity or deniability; and persons engaged in the business of providing third-party payment services. Additionally, the Financial Crimes Enforcement Network must establish a task force to develop a strategy to impose anti-money laundering safeguards and enforce requirements on certain professions. Finally, domestic title insurance companies must obtain, maintain, and report to the Department of the Treasury information on the beneficial owners of entities that purchase or sell residential or commercial real estate in transactions involving the domestic title insurance company.
View Full Text

Suggested Questions

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Timeline
Oct 8, 2021
Introduced in House
Oct 8, 2021
Referred to the House Committee on Financial Services.
  • October 8, 2021
    Introduced in House


  • October 8, 2021
    Referred to the House Committee on Financial Services.
Tom Malinowski

Tom Malinowski

Democratic Representative

New Jersey

Cosponsors (5)
Abigail Davis Spanberger (Democratic)Steve Cohen (Democratic)Maria Elvira Salazar (Republican)Joe Wilson (Republican)Richard Hudson (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted