The House Financial Services Committee today voted to advance H.R. 2514—an American Bankers Association-backed bill introduced by Rep. Emanuel Cleaver (D-Mo.) that would modernize the Bank Secrecy Act/anti-money laundering framework.

ABA President and CEO Rob Nichols welcomed the move. “This important bipartisan legislation approved by the committee today would allow banks and law enforcement to better share information and assist in our mutual goal of preventing bad actors from accessing the banking system,” he said.

Nichols also encouraged lawmakers to continue working to advance legislation sponsored by Rep. Carolyn Maloney (D-N.Y.) that would seek to combat the use of shell corporations and facilitate compliance by creating a secure beneficial ownership registry of legal entities that would be overseen by the Financial Crimes Enforcement Network.