The AML Act of 2020 and U.S. Compliance with the FATF 40

Thursday, May 20th, 2021
7:00 PM - 8:00 PM

Add to Calendar: Add to Calendar: 2021-05-20 19:00:00 2021-05-20 20:00:00 The AML Act of 2020 and U.S. Compliance with the FATF 40 Event Description The Anti-Money Laundering Act (AMLA) of 2020 became law on January 1st as part of the National Defense Authorization Act when Congress overrode then President Trump's veto. The AMLA has been billed as the most consequential AML law enacted by Congress “in decades.” Among its many provisions are the establishment of a beneficial ownership registration database, increased subpoena power to obtain records from foreign financial institutions, expanded whistleblower rewards and protections, and new BSA violations and enhanced penalties for repeat and egregious violators. Following an update to the US 2016 mutual evaluation, in May of 2020 the U.S. was rated compliant on 9 of the 40 Recommendations, largely compliant on 22, partially compliant on 5 and not compliant on 4. Did the AMLA bring it closer to compliance?  What provisions in the AMLA did not address the 32 Recommendations for which the U.S. was not fully compliant, and why were they added to the AMLA instead of provisions that would bring the U.S. closer to compliance? Ashwin Krishnaswamy,Technical Intelligence Officer Central Intelligence Agency  Nikos Passas, Professor of Criminology and Criminal Justice, Northeastern University Braddock Stevenson, AML and Payments Counsel for O’Melveny & Myers Richard Gordon (moderator), Director, Financial Integrity Institute CWRU School of Law This is a one-hour speaker event.  There will be a Q&A opportunity at the end of the lecture. CLE reading materials School of Law School of Law America/New_York public

Sponsored by the Master of Arts in Financial Integrity program

1 hour of CLE credit, pending approval

Webcast Archive Content

Video: The AML Act of 2020 and U.S. Compliance with the FATF 40

Event Description

The Anti-Money Laundering Act (AMLA) of 2020 became law on January 1st as part of the National Defense Authorization Act when Congress overrode then President Trump's veto. The AMLA has been billed as the most consequential AML law enacted by Congress “in decades.” Among its many provisions are the establishment of a beneficial ownership registration database, increased subpoena power to obtain records from foreign financial institutions, expanded whistleblower rewards and protections, and new BSA violations and enhanced penalties for repeat and egregious violators.

Following an update to the US 2016 mutual evaluation, in May of 2020 the U.S. was rated compliant on 9 of the 40 Recommendations, largely compliant on 22, partially compliant on 5 and not compliant on 4.

Did the AMLA bring it closer to compliance?  What provisions in the AMLA did not address the 32 Recommendations for which the U.S. was not fully compliant, and why were they added to the AMLA instead of provisions that would bring the U.S. closer to compliance?

  • Ashwin Krishnaswamy,Technical Intelligence Officer Central Intelligence Agency 
  • Nikos Passas, Professor of Criminology and Criminal Justice, Northeastern University
  • Braddock Stevenson, AML and Payments Counsel for O’Melveny & Myers
  • Richard Gordon (moderator), Director, Financial Integrity Institute CWRU School of Law

This is a one-hour speaker event.  There will be a Q&A opportunity at the end of the lecture.

CLE reading materials

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