The Anti-Money Laundering Act of 2020 is the most significant addition to financial crime regulation since the USA PATRIOT Act passed nearly 20 years ago. The new law requires the US government to set national Anti-Money Laundering and Counter Terror Financing priorities to expand FinCEN’s power, directs regulator and law enforcement agencies to better coordinate, and increases Congressional oversight of the Department of Justice and Treasury, including FinCEN.
When Congress grants regulators and law enforcement more authority to fight financial crime and explicitly directs them to do more with that power, institutions and those that lead Anti-Money Laundering and Counter Terror Financing (AML/CFT) programs must take notice. The Anti-Money Laundering Act 2020 (AMLA 2020) creates new compliance requirements and increases expectations that financial institutions improve their AML/CFT programs.
This white paper covers:
- Summary of the AMLA of 2020
- The AMLA 2020 Will Drive Change for FIs
- The Specifics of AMLA 2020
- What Financial Institutions Can Do Now
- Note on New Beneficial Ownership Requirements