The Anti-Money Laundering Act of 2020 (AMLA) is the most consequential anti-money laundering legislation in decades. The AMLA is a congressional effort to strengthen, modernize, and streamline the existing AML regime by promoting innovation, regulatory reform, and industry engagement. And notably, the AMLA could harbor major implications for FinTech companies involved in digital assets.
The AMLA was included in the National Defense Authorization Act (NDAA), which became effective January 1, 2021. The NDAA included significant reforms to the U.S. anti-money laundering (AML) regime, including the AMLA and the Corporate Transparency Act (CTA).
The AMLA establishes a federal beneficial ownership registry, new-and-enhanced Bank Secrecy Act penalties, expands the ability to subpoena foreign banks, and creates an expanded whistleblower reward program.
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