U.S. House Passes ENABLERS Act to Impose AML/CFT Requirements on Gatekeepers

On July 13, 2022, the U.S. House of Representatives passed the 2023 National Defense Authorization Act (“NDAA”), which included an amendment to the Establishing New Authorities for Business Laundering and Enabling Risks to the Security Act (ENABLERS Act).  The latter would add to 31 U.S.C. § 5312 categories of service provides in the code’s § 5337(a) regulations.  It would require the U.S. Treasury to classify and require persons performing financial advice, forming entities, processing  payments, rendering investment advice, servicing trusts, and attorneys and accountants providing certain types of work to conduct anti-money laundering due diligence.