Sen. McSally urges small business regulatory relief
Sen. Martha McSally (R-AZ) is encouraging the Senate Committee on Banking, Housing and Urban Affairs to provide small businesses relief regarding targeted banking regulations.
During a recent Committee hearing, McSally pressed key banking regulatory agency leaders on the inability to improve enforcement of anti-money laundering rules to protect Arizona businesses and efficiently combat criminal activity.
“I represent Arizona and over the last few years there have been significant challenges with those businesses in Nogales and Douglas—legitimate businesses, family-owned businesses that have had their accounts closed because of the Anti-Money Laundering and Bank Secrecy Act (AMLBSA),” McSally said. “This has really hurt our community. While we’ve got to stop the cartels and the illegal cross-border money laundering, we need to make sure that these small businesses who are doing legitimate commerce are protected – that includes cross-border.”
McSally said at the previous request of lawmakers, the Government Accountability Office (GAO) conducted a study on the matter last year.
“Each of your organizations responded to that by saying you were going to collaborate more with each other to make sure that these rules for anti-money laundering would be more tailored to make sure that it’s impacting obviously illegitimate activities without hurting and closing legitimate businesses,” McSally said, requesting an update since the GAO report.