The Dawn of a New Day: Expansive Law Signals Heightened AML Enforcement

The Banking Law Journal

On January 1, 2021, the U.S. Senate voted to override the president’s veto and to enact the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”). Incorporated into the NDAA, the Anti-Money Laundering Act (“AMLA”) sets into motion the most comprehensive reform to the Bank Secrecy Act (“BSA”) in nearly two decades. The new landscape will feature:

  • Heightened enforcement capabilities for the U.S. Departments of Treasury and Justice to investigate and prosecute money laundering crimes;
  • New corporate transparency requirements for entities to disclose the identity of their beneficial owners; and
  • Greater incentives for whistleblowers to report potential money laundering violations.

This article summarizes the key reforms to the BSA promulgated under the AMLA.

To read the full article, please click here.

“The Dawn of a New Day: Expansive Law Signals Heightened AML Enforcement,” by Inbal P. Garrity, Ariel S. Glasner, William E. Lawler III, Jed M. Silversmith, and Victoria Ortega was published in the May 2021 edition of The Banking Law Journal (Vol. 138, No. 5), an A.S. Pratt Publication. Reprinted with permission.

This article was first published as a Blank Rome White Collar Defense & Investigations alert in January 2021.