Terms You Need to Know [October 2021]

ENABLERS Act: The US is one of a few countries whose money laundering laws are aimed largely at banks. This makes it a favored destination for illicit overseas funds. US PR agencies, law firms and accountants can look the other way as they assist these clients. Not for long. In response to the Pandora Papers, a bipartisan House group this month introduced the Establishing New Authorities for Business Laundering and Enabling Risks to Security act. Passage in some form is expected.

Sweeps: The U.S. Security and Exchange Commission (SEC) recently swept several banks, asking whether they’re tracking employees’ work-related texts and emails, Reuters reports. Banks are supposed to monitor these messages, thoughit’s harder during a pandemic. No matter, transparency seems on the rise at the SEC.

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