Ian Herbert commented on changes to anti-money laundering laws and the Bank Secrecy Act which were included as part of the updates to the National Defense Authorization Act. One of the changes will require companies to list their beneficial owners in a national database at the time the company is formed. "[E]ntities typically spend a great deal of time conducting due diligence on potential customers to try to ascertain beneficial ownership information," Herbert said, adding that the database will make the job of compliance professionals "a lot easier."