Bank Secrecy Act and Anti-Money Laundering Reform
Bank Secrecy Act and Anti-Money Laundering Reform
Regulatory Alert, January 2021
There is broad support among Congress, law enforcement, and the financial services industry for reforms to strengthen and update the BSA/AML/CFT regulatory framework.
The AML changes are significant, widespread, and extremely detailed; key changes include expansion of the BSA mission to include national security, increased emphasis on risk-based strategies, new frameworks for reporting and sharing information including feedback loops, a mandatory whistleblower reward program, and creation of beneficial ownership reporting requirements and data repositories.
Numerous studies required by the law may generate additional changes and new regulatory requirements or legislation going forward.
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