Congress Enacts Significant Changes to the U.S. Anti-Money Laundering Regime
February 23, 2021
The Anti-Money Laundering Act of 2020 (AML Act), enacted on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year of 2021 (NDAA), makes several significant changes to U.S. anti-money laundering (AML) laws and regulations. Financial institutions that are subject to U.S. AML requirements under the Bank Secrecy Act (BSA), as well as other entities that have implemented AML compliance programs, must carefully assess the impact of these changes on their current activities.
This OnPoint summarizes key provisions of the AML Act, including: (i) enhanced beneficial ownership reporting requirements; (ii) expanded authorities for enforcement, subpoenas and whistleblower protection; and (iii) expanded coordination and transparency efforts.
Read "Congress Enacts Significant Changes to the U.S. Anti-Money Laundering Regime".
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