The AMLA 2020 includes sweeping reforms updating and modernizing U.S. anti-money laundering laws, many of which have implications beyond financial institutions regulated under the Bank Secrecy Act.
This multipart series will discuss key takeaways, including (1) new corporate beneficial ownership disclosure requirements; (2) enhanced whistleblower program; (3) expanded subpoena authority over foreign financial institutions accessing the U.S. market; (4) new criminal penalties for concealing the involvement of foreign officials in transactions; (5) expansion of AML law to codify jurisdiction over virtual currency activities; and (6) development of regulatory solutions with a greater focus on emerging technologies.