On 1 January 2021, Congress passed the most significant expansion of the Bank Secrecy Act (BSA) in nearly 20 years, the National Defense Authorization Act (NDAA). Broadening and updating the U.S. anti-money laundering/combating the financing of terrorism (AML/CFT) regime, the NDAA will further protect the U.S. financial system and national security.
Join moderator Steven Lewis of Woori Bank and a panel of K2 Integrity experts including Gabriel Hidalgo, Heather Olsson, and Sarah Watson as they examine the consequential elements of the bill, including:
- The expansion of FinCEN’s role in combatting illicit finance
- The implications and limitations of the new beneficial ownership reporting requirement for companies
- The establishment of an Innovation and Technology subcommittee to encourage innovation and information sharing
- Potential priorities coming out of the midyear FinCEN report and considerations for banks undergoing annual risk assessments
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