CURB Act

The CURB Act, also known as Bill 118 hr 2513, is a piece of legislation introduced in the US Congress aimed at addressing concerns related to money laundering and terrorist financing. The bill seeks to enhance the ability of law enforcement agencies to combat these illegal activities by improving the transparency and accountability of financial institutions.

One of the key provisions of the CURB Act is the requirement for financial institutions to establish and maintain anti-money laundering programs that are tailored to their specific risks. This includes conducting customer due diligence, monitoring transactions for suspicious activity, and reporting any suspicious transactions to the appropriate authorities.

Additionally, the bill calls for the establishment of a new division within the Department of the Treasury dedicated to combating money laundering and terrorist financing. This division would be responsible for coordinating efforts across various agencies and developing strategies to address emerging threats in this area. The CURB Act also includes measures to strengthen international cooperation in the fight against money laundering and terrorist financing. This includes requiring the Treasury Department to work with foreign governments and financial institutions to improve information sharing and coordination on these issues. Overall, the CURB Act aims to enhance the effectiveness of efforts to combat money laundering and terrorist financing by improving the regulatory framework and promoting greater cooperation among domestic and international stakeholders.