THE TOP 10 TAKEAWAYS FOR US FINANCIAL INSTITUTIONS FROM THE ANTI-MONEY LAUNDERING ACT 2020

On 1 January, an Alert from Gibson Dunn said that the Congress has completed the override of President Trump’s veto of the National Defense Authorization Act and, as part of that legislation, passed the Anti-Money Laundering Act of 2020 – described as the most comprehensive set of reforms to AML laws in the US since the USA PATRIOT Act 2001.  The Act’s provisions range from requiring many smaller companies to disclose beneficial ownership information to FinCEN to mandating awards to whistleblowers that report actionable information about BSA/AML violations.  The Alert identifies 10 of the biggest takeaways for financial institutions from the AMLA.

https://www.gibsondunn.com/the-top-10-takeaways-for-financial-institutions-from-the-anti-money-laundering-act-of-2020/

https://media-exp1.licdn.com/dms/document/C561FAQF9ceH5gV-jIQ/feedshare-document-pdf-analyzed/0/1609635189653?e=1609776000&v=beta&t=zm2TmKlxB9a2AOlcRq_0rXQepoFROfIfiAnbq_iP3TM

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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