The article notes, “This year’s NDAA included the Anti-Money Laundering Act of 2020, the most consequential update to the Bank Secrecy Act (BSA) since the 2001 passage of the USA PATRIOT Act. This wide-ranging law broadens and updates the BSA and the U.S. anti-money laundering/combating the financing of terrorism (AML/CFT) regime. It also creates a national beneficial ownership reporting framework for legal persons, and fosters innovation and information-sharing. . . . The law makes important revisions and amendments to the BSA that update its scope and coverage to make the law both more flexible and wider reaching.”
Read the full article in ABA Bank Compliance Magazine (registration may be required).