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U.S. lawmakers Wednesday pledged a potentially broad overhaul of U.S. anti-money laundering rules and considered draft legislation that would require corporate and legal entities to identify their beneficial owners. Bank Secrecy Act regulations are decades old and rife with "inefficiencies" and duplications, increasingly burdensome for financial institutions-particularly small ones, and ineffective at ferreting out illicit activity from legitimate business, members of the House Financial Services Committee said in a hearing Wednesday. The lawmakers, who received testimony from three financial-services industry representatives and an analyst with a corporate transparency advocacy group, said they may consider new legislation to streamline the current...