Fifty-one years have passed since President Richard Nixon signed the Bank Secrecy Act (BSA) into law. In that time, the BSA has undergone several amendments. January 1st, 2021 marked the passing of the National Defense Authorization Act (NDAA), a massive defense spending bill that includes the most comprehensive set of BSA reforms since 9/11 with the Patriot Act. But what does this truly mean for financial institutions and their Anti-Money Laundering (AML) and BSA operations?
Join this webinar to learn about:
The updated Customer Due Diligence (CDD) rule and new disclosure requirements of ultimate beneficial ownership (UBO) information
Streamlining changes to Suspicious Activity Reports (SARS) and Currency Transaction Reporting (CTR) – including the sharing of SARS with foreign affiliates
The new whistleblower program incentivizing the reporting of BSA/AML violations
The increase in penalties for BSA/AML violations for both companies and individuals
The expansion of the BSA’s applicability to antiquities dealers
The requirement of studies on topics including the use of technology including Artificial Intelligence in AML, trade-based money laundering, and money laundering by the People’s Republic of China