Anti-Money Laundering Act of 2020 (AMLA) – ON-DEMAND WEBINARS

June 21, 2021

Presented by: Ms. Leah Hamilton, Vice President, FORVIS

The Anti-Money Laundering Act of 2020 (AMLA), enacted through the National Defense Authorization Act (NDAA) packs a punch to your BSA/AML Program. In addition, within the AMLA, the Corporate Transparency Act (CTA) was also enacted. Join us as we wade through the impact of these new statutes, what you need to do, and by when during this ninety-minute AMLA webinar.

On January 1, 2021, Congress enacted the FY2021 National Defense Authorization Act (NDAA), which included significant reforms to the U.S. Anti-Money Laundering (AML) rules. The NDAA includes the Anti-Money Laundering Act of 2020 (AMLA) and, within the AMLA, the Corporate Transparency Act (CTA).

The AMLA seeks to strengthen, modernize, and streamline the existing AML rules by promoting regulatory reform, including innovation and industry collaboration through various forums so that FinCEN can identify risks and priorities as well as provide valuable feedback to industry partners.

Under the CTA, FinCEN is authorized to collect beneficial ownership information and share it with authorized government authorities and financial institutions. Hence, FinCEN will have to establish new uniform beneficial ownership reporting requirements for U.S. entities which will have a direct impact on your institution’s CDD requirements.

During this ninety-minute AMLA Webinar, key topics to be discussed where the AMLA and CTA broaden the mission of the BSA and the impact on financial institutions include:

• Beneficial ownership information submitted directly to FinCEN;
• The Treasury’s requirement to review BSA regulations and guidance;
• FinCEN’s requirement to evaluate ways to streamline SARs and CTRs;
• A safe harbor for “keep open” requests;
• Increasing penalties and creating new violations;
• Codifying AML and CFT program standards;
• Examiner training requirements;
• FinCEN’s authority over virtual currency businesses (VCBs);
• Improving interagency coordination and consultation;
• Information exchanges;
• Updating the whistleblower program; and
• New GAO studies required.