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On January 1, 2021, the Senate voted to override the president’s veto and to enact the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”)[1]. Incorporated into the NDAA, the Anti-Money Laundering Act (“AMLA”) sets into motion the most comprehensive reform to the Bank Secrecy Act (“BSA”) in nearly two decades. The new landscape will feature:
Heightened enforcement capabilities for the U.S. Departments of Treasury and Justice to investigate and prosecute money laundering crimes;
New corporate transparency requirements for entities to disclose the identity of their beneficial owners; and