Title

Adapting to the AML Act of 2020

Presenter

Dan Stipano

Date of Event

7-8-2021

Description

Event Description (MAFI)

The Anti-Money Laundering Act of 2020 (AMLA) is the most significant anti-money laundering (AML) legislation since the USA PATRIOT Act was enacted twenty years ago. It contains important provisions that are designed to make the Bank Secrecy Act (BSA) regime more risk-focused, while promoting information sharing, encouraging use of technology, and streamlining reporting requirements. The AMLA represents a much-needed and long overdue update of the BSA framework, which is now more than 50 years old. Among other things, it will require legal entities to:

  • Provide identifying information on their beneficial owners to FinCEN (instead of financial institutions), which will compile the information into a National Registry;
  • Task the Treasury Department with issuing a set of National Anti-Money Laundering and Countering the Financing of Terrorism Priorities;
  • Create incentives and protections for whistleblowers; and
  • Impose enhanced penalties for certain violations.

In this session, we will explore the key aspects of this important legislation, its impact on financial institutions, and the implications for the BSA/AML framework in the months and years ahead.

Subject Headings

AML, Anti-money laundering, AML Act of 2020, Bank Secrecy Act, PATRIOT Act

Location

CWRU Law Virtual Event

Document Type

Video

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