Has a Plan to Ease Banks' Anti-Money Laundering Burdens Gone Off the Rails?

Also, Republicans grill Gensler on off-channel communications; how a possible gig 'babysitting' Trump led to insider trading charges; Powell talks bank regs; JPMorgan among firms ready for FedNow

Back in 2021, the banking industry won a resounding, and rare, legislative victory when Congress passed a new anti-money laundering law. The Corporate Transparency Act was hailed as a major step toward preventing terrorists and other criminals from using shell companies to hide funds. But its centerpiece was the creation of a giant database that banks c…