Senior Fellow Testifies on Updating Anti-Money Laundering Rules

Senior Fellow Carole House testified before the House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions on May 21. House presented prepared remarks on modernizing anti-money laundering and countering the financing of terrorism frameworks.

House described her professional experience across national security, emerging technology, and economic statecraft. She referenced prior service at the White House, the Treasury Department, the Senate Homeland Security Committee, and three regulatory agency committees.

House stated that the existing financial integrity architecture supports sanctions enforcement, fraud recovery, and tax administration. She noted that major threats identified in Treasury and intelligence assessments run through the financial system.

House said the risk environment has changed due to sophisticated transnational criminal organizations, state actors, and professional enablers. She added that generative artificial intelligence, digital assets, and quantum computing developments are already in use.

House recommended restoring corporate and supply chain transparency to address gaps in visibility. She called for eliminating structural blind spots and deploying modern digital identity infrastructure. House said genuine modernization requires better infrastructure and clearer regulatory standards rather than reduced visibility.