Adapting to the AML Act of 2020

Thursday, July 8th, 2021
7:00 PM - 8:00 PM

Add to Calendar: Add to Calendar: 2021-07-08 19:00:00 2021-07-08 20:00:00 Adapting to the AML Act of 2020 Event Description The Anti-Money Laundering Act of 2020 (AMLA) is the most significant anti-money laundering (AML) legislation since the USA PATRIOT Act was enacted twenty years ago.  It contains important provisions that are designed to make the Bank Secrecy Act (BSA) regime more risk-focused, while promoting information sharing, encouraging use of technology, and streamlining reporting requirements. The AMLA represents a much-needed and long overdue update of the BSA framework, which is now more than 50 years old.  Among other things, it will require legal entities to: Provide identifying information on their beneficial owners to FinCEN (instead of financial institutions), which will compile the information into a National Registry; Task the Treasury Department with issuing a set of National Anti-Money Laundering and Countering the Financing of Terrorism Priorities; Create incentives and protections for whistleblowers; and Impose enhanced penalties for certain violations.   In this session, we will explore the key aspects of this important legislation, its impact on financial institutions, and the implications for the BSA/AML framework in the months and years ahead. CLE Reading Materials Virtual School of Law School of Law America/New_York public

Sponsored by the Master of Arts in Financial Integrity program

1 ACAMS CE Hour; 1 hours of CLE credit has been approved

Event Description

The Anti-Money Laundering Act of 2020 (AMLA) is the most significant anti-money laundering (AML) legislation since the USA PATRIOT Act was enacted twenty years ago.  It contains important provisions that are designed to make the Bank Secrecy Act (BSA) regime more risk-focused, while promoting information sharing, encouraging use of technology, and streamlining reporting requirements. The AMLA represents a much-needed and long overdue update of the BSA framework, which is now more than 50 years old.  Among other things, it will require legal entities to:

  • Provide identifying information on their beneficial owners to FinCEN (instead of financial institutions), which will compile the information into a National Registry;
  • Task the Treasury Department with issuing a set of National Anti-Money Laundering and Countering the Financing of Terrorism Priorities;
  • Create incentives and protections for whistleblowers; and
  • Impose enhanced penalties for certain violations.  

In this session, we will explore the key aspects of this important legislation, its impact on financial institutions, and the implications for the BSA/AML framework in the months and years ahead.

CLE Reading Materials

Event Location

Virtual

Dan Stipano
Dan Stipano