RENSSELAER, N.Y. – Today, the American Building Materials Alliance joined more than 75 organizations in opposing the Establishing New Authorities for Business Laundering and Enabling Risks to Security ENABLERS) Act, which passed the House as part of this year’s National Defense Authorization Act (NDAA).

The ENABLERS Act seeks to dramatically expand the reporting requirements put in place by the Corporate Transparency Act (CTA), despite the fact that final regulations under the CTA were just released today with a delayed effective date of 2024. Specifically, the Act will expand the definition of a financial institution for purposes of reporting suspicious transactions, anti-money laundering programs, and other related measures. The broad language of the bill’s definition would include owners, board members and executives of most businesses and non-profits.

The ENABLERS Act, nor the CTA, are likely to assist law enforcement with cracking down on money laundering but instead just place more requirements on small businesses making it harder to do business.