Anti-Money Laundering Act of 2020 Updates to the Bank Secrecy Act (BSA)

January 13th | 2021

Congress recently passed the National Defense Authorization Act for Fiscal Year 2021 (NDAA), which contained amendments to the Bank Secrecy Act (BSA) that add new AML obligations for a broad range of entities. The relevant part of the NDAA is referred to at the Anti-Money Laundering Act of 2020. Among other notable changes, new legislation creates a whistleblower program for BSA violations and a national beneficial ownership registry. The new registry is aimed at assisting intelligence and law enforcement agencies by, among other things, improving transparency and insight into the flow of illicit funds through corporate structures and discouraging the use of shell companies to disguise and move illicit funds.

21 views0 comments