The Anti-Money Laundering Act of 2020 (AMLA), signed into law on January 1, 2021, is intended to clarify and streamline certain AML and Bank Secrecy Act (BSA) obligations and establishes new regulatory requirements to strengthen, modernize, and improve compliance programs by:
Improving agency coordination and information sharing;
Adapting laws to new and emerging threats;
Encouraging technological innovation;
Reinforcing the nature of “risk-based” programs;
Establishing uniform beneficial ownership and reporting requirements; and
Establishing a secure non-public database at FinCEN to house beneficial ownership information.
We encourage you to browse through this collection of resources, which includes an interactive and searchable summary of the AMLA provisions, webinars, podcasts, and brochures, to learn more about the AMLA and how and when it might impact your institution.