GDPR And Grassley Clash

The US Senate is currently considering The Combating Money Laundering, Terrorist Financing, and Counterfeiting Act, known as the "Grassley Bill". US Senator Chuck Grassley, who introduced the Bill last November, claims the legislation will be a vital tool in the fight against money laundering and terrorist financing.  

If passed in its current form, the Act will:

• require banks outside the US which maintain US correspondent accounts to comply with subpoenas for information on account holders within 10 days;
• prohibit those banks from notifying the subject of the subpoena request; and
• in the event of non-compliance, the correspondent bank must terminate its relationship with the foreign bank or face a fine of $10,000 per day for every day of non-compliance.