Casten Amendment to Address National Security Risks in Financial Innovation Adopted in FSC Markup
Washington, D.C. — Today, the House Financial Services Committee adopted an amendment proposed by U.S. Congressman Sean Casten (IL-06) to the Financial Services Innovation Act to require that companies certify that their innovative products do not present national security risks and meet the current anti-money laundering and counter-financing of terrorism requirements (AML/CFT) under the Bank Secrecy Act.
“While I understand the spirit behind the Financial Services Innovation Act, as originally drafted, it could allow certain financial technology companies to circumvent AML/CFT requirements,” said Rep. Sean Casten. “I thank Chair McHenry for agreeing that there shouldn't be loopholes in Bank Secrecy Act compliance and I am proud to have seen my amendment in today's House Financial Services markup adopted to ensure financial technology companies must comply with AML/CFT requirements.”
Text of Rep. Casten’s amendment can be found here. Text of the Financial Services Innovation Act can be found here.