The National Defense Authorization Act became law on January 1, 2021, after the U.S. Congress overrode a presidential veto. Division F of the Act is the “Anti-Money Laundering Act of 2020” (AMLA).
In her latest The New York Law Journal column, “ AML Act of 2020: Topics of interest for international banks,” Kathleen Scott, Senior Counsel in the New York Office of Norton Rose Fulbright, focuses on portions of the AMLA that may be of most interest to foreign banks, such as obtaining foreign bank records and new international cooperation and coordination measures.
Other parts of the AMLA are covered in other Regulation Tomorrow posts: imposing AML compliance requirements on antiquities dealers, expanded provisions for reporting AML violations, and new beneficial ownership reporting requirements.