On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021 (the NDAA), an omnibus statute that addresses a variety of defense and national security matters, including the most substantial and sweeping legislative reforms to US anti-money laundering (AML) and counter-terrorism financing (CFT) laws since the USA Patriot Act of 2001. The NDAA introduces these AML/CFT amendments and enhancements in the form of the Anti-Money Laundering Act of 2020 (AMLA).
- The new legislation introduces the Federal Beneficial Ownership Registry – The Corporate Transparency Act.
- The expanded scope of the BSA will improve clarity of reasonably designed to include designed to detect and prevent money laundering and terrorist financing, by directing focus towards higher risk customers and activities.
- Addressing the eight priorities (terrorism, Fraud, Trafficking, etc.)
- Take steps to prepare your institution
1 ACAMS Credit **Please note that ACAMS credit for this virtual event is available to members of the Chapter only.