Learn how to comply with significant AML Act changes. Discover details of the 2020 updates.
The Anti-Money Laundering Act of 2020 contains some of the most significant changes to the U.S. anti-money laundering requirements since the USA Patriot Act of 2001. The new law:
- Expands the purpose of the Bank Secrecy Act to include national security
- Details the risk-based approach
- Expands the role of FINCEN
- Increases civil and criminal penalties
- Establishes a process for reporting beneficial ownership information
You need to understand these changes thoroughly and update your institution’s policies and procedures to comply.
- What are the changes to the Bank Secrecy Act?
- How have reporting requirements and expectations changed?
- How can you align institution controls and reporting with customer/member risk?
- How should you identify and address national security priorities?