The Anti-Money Laundering Act of 2020 (AMLA) is the most significant reform to anti-money laundering (AML) laws in the U.S. since the 2001 USA PATRIOT Act. The AMLA is designed to streamline AML and counter-financing of terrorism (CFT) laws, support improved coordination between government and industry groups and encourage adoption of risk-based AML/CFT programs.
The provisions around beneficial ownership and enhanced reporting requirements have broad-reaching implications. Compliance experts discuss the key updates to the AMLA and timelines for compliance. Topics include:
- Revamped Customer Due Diligence (CDD) Rule and uniform beneficial ownership requirements
- Changes to the SAR/CTR reporting requirements
- Requirements for establishing and maintaining risk-based AML/CFT programs
- Model Risk Management becomes law
