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.
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