The Anti-Money Laundering Act of 2020: How and When it Might Affect You

Overview of the Anti-Money Laundering Act of 2020 (AMLA)

The AMLA is contained in Division F of the National Defense Authorization Act, which was signed into law on January 1, 2021.   

The AMLA is intended to clarify and streamline certain anti-money laundering (AML) and Bank Secrecy Act (BSA) obligations and is intended to strengthen, modernize, and improve compliance programs by:

Titles in the Anti-Money Laundering Act of 2020

The AMLA is divided into the following five titles:

AMLA Timelines

As noted below, certain provisions of the AMLA became effective on January 1, 2021, with other provisions becoming effective at later dates.  Additionally, the AMLA commissions a number of regulatory studies and reports, the ultimate effects of which are currently unknown, but may result in issuance of guidance, new requirements, or amendments to existing requirements.