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The Anti-Money Laundering Act of 2020 (AML Act) aims to lessen
the compliance and regulatory burden of financial institutions, but
it may instead do the opposite. The full impact of this new
legislation will not be fully known until the regulations required
to be promulgated by the Secretary of the Treasury over the next
year are adopted and implemented. However, it does appear that the
Treasury and its enforcement arm, the Financial Crimes Enforcement
Network (FinCEN), have been given additional powers and significant
funds to target money launderers and the financing of terrorism,