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On 1 January 2021, Congress overrode President Trump’s veto of the National Defense Authorization Act (the NDAA). As part of the NDAA, Congress included long-considered provisions with the potential to revolutionize anti-money laundering and Bank Secrecy Act (AML/BSA) enforcement in the United States. Specifically, the NDAA includes the Anti-Money Laundering Act of 2020 (the AMLA), which contains numerous provisions to enhance the government’s enforcement powers, redefine enforcement priorities, increase international data sharing, and streamline certain reporting procedures. The NDAA also includes the Corporate Transparency Act (CTA), which establishes beneficial owner reporting obligations for certain non-public companies. Both the AMLA and the CTA include significant penalties for violations. As the Treasury Department issues new priorities for the Financial Crimes Enforcement Network (FinCEN) and promulgates regula