New AML Act: Update, Impact, Insight

On January 1, 2021, the United States Congress passed the National Defense Authorization Act for Fiscal Year 2021 (NDAA), which included the Anti-Money Laundering Act of 2020 (AML Act).  This little Act contained some big changes that will impact financial institutions, including enhancements to the beneficial ownership process and changes to CTR and SAR reporting.

This session will review the efforts FinCEN has taken so far to implement the AML Act.  You’ll learn how to update your BSA/AML monitoring program to incorporate the recently issued government-wide priorities for anti-money laundering and countering terrorism financing.  It will address red flags for identifying potentially suspicious activity related to the trade of antiquities and art and identify what FinCEN's assessment of no-action letters means for you.  Join us for a look ahead to help prepare for future AML Act changes, including a beneficial ownership database, whistleblower protections for reporting AML violations, and potential changes to CTR and SAR forms and reporting requirements.