AML Act of 2020
Within the NDAA, the Anti-Money Laundering Act of 2020 (AMLA) became law and amends the Bank Secrecy Act for the first time in nearly two decades. The AML Act represents a significant development in U.S. anti-money laundering laws and priorities, and financial institutions must be prepared for the changes. One of AMLA’s primary objectives is for financial institutions to spend time doing what is truly necessarily for detecting criminal activity and not spin their wheels with policies and procedures on tasks that bring no benefit to law enforcement. BSA professionals understandably have questions about what the changes will look like and when they will happen, given the law’s magnitude and importance.
Download this whitepaper to learn:
- Highlights of key components of the AMLA, including suspicious activity and currency transaction reporting reform
- Details of new clarification of the term “risk-based” for an institution’s BSA/AML program
- Suggestions and additional resources for your financial institution to use to prepare for new expectations and requirements
Interested in learning more about what you need to know about the AML Act of 2020 to be prepared for regulatory exams? Register for our webinar BSA Exam Preparation 101: Hot Topics to Expect During Your Next Exam.