A bipartisan group of senators is discussing a possible legislative package to reform anti-money-laundering rules, including adding a requirement that businesses identify their true owners when incorporating, according to Senate staffers familiar with the talks.

Senate Banking Committee members Thom Tillis, R-N.C., Tom Cotton, R-Ark., Mark Warner, D-Va., and Doug Jones, D-Ala., are currently negotiating changes to the Bank Secrecy Act, the aides said. The banking industry has long supported changes to the law, and analysts say BSA reforms are a rare case in a divided Congress where lawmakers could agree on a bipartisan bill.

AML reform “always comes up as kind of a top issue to be addressed in the banking sector now … in the top three of [banks'] ongoing compliance concerns,” said Paul Merski, group executive vice president for congressional relations and strategy at the Independent Community Bankers of America. “So there’s been a lot of discussion and pressure on Capitol Hill to get some needed reforms on BSA/AML reforms. ... I really don’t think this issue, unlike many others, is highly partisan.”

Read more in American Banker.