On Jan. 1, 2021, the U.S. Senate overwhelmingly voted (81-13) to override President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021,1 passing into law legislation that includes – the Anti-Money Laundering Act of 2020 (AML Act).2
The AML Act substantially changes and modernizes the BSA and related AML laws and regulations. However, because many of the new statutory provisions will require rulemakings, reports, analyses, and other measures, the impact of the AML Act remains to be seen and may only be slowly realized over the next few years. Nonetheless, financial institutions should seek to prepare their stakeholders, including boards of directors, foreign affiliates, and BSA/AML compliance personnel, by informing them of these changes and how they may impact their day-to-day operations.
Read the full GT Alert which provides an overview of the important themes and significant provisions of the AML Act.