Sixth Post in an Extended Series on Legislative
Changes to BSA/AML Regulatory Regime
As we have blogged, the Anti-Money Laundering Act of 2020
( AMLA ) contains major changes to the Bank Secrecy Act
( BSA ), coupled with other changes relating to money
laundering, anti-money laundering ( AML ),
counter-terrorism financing ( CTF ), and protecting the
U.S. financial system against illicit foreign actors.
A recurring theme of the changes offered by AMLA is information sharing. AMLA mandates that the
Department of Treasury s supervision priorities must include appropriate frameworks for information sharing among
financial institutions, their agents and service providers, their
regulatory authorities, associations of financial institutions, the
Federal Agencies Clarify Application Of Model Risk Management Guidance To BSA/AML Compliance And Request Information From Industry - Government, Public Sector mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
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Anti-Money Laundering (AML): An Overview of Compliance and Due Diligence Under the Bank Secrecy Act and Other Laws Thursday, April 22, 2021
Anti-money laundering (AML) compliance is a growing concern for financial institutions, brokers, and other businesses. While federal AML laws have been in place for decades, the exponential growth in volume of transactions involving offshore banks and other foreign entities, AML compliance has garnered increased attention from the U.S. Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and other authorities in recent years.
As a result, all entities that are subject to the Bank Secrecy Act and other pertinent laws need to prioritize compliance, and they must ensure that they perform adequate due diligence in order to fully meet their AML obligations.
A National Policy Blueprint To End White Supremacist Violence
April 21, 2021, 12:01 am Getty/SOPA Images/LightRocket/Stanton Sharpe
A member of the Proud Boys guards the front stage during a rally in Portland, Oregon, on September 26, 2020.
Sam Hananel
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White supremacist violence is not new, but in recent years, it has become a primary national security threat in the United States.
1 Notions of racial superiority, hostility toward immigrants and minorities, and the myth of an embattled white majority defending its power have increasingly infiltrated mainstream American political and cultural discourse.
2 In October 2020, the U.S. Department of Homeland Security (DHS) published its annual threat assessment, identifying racially and ethnically motivated violent extremists, particularly white supremacist extremists, as “the most persistent and lethal threat in the Homeland.”
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Following the enactment of the Anti-Money Laundering Act of 2020 (AMLA), which encompasses the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPR) on April 5, 2021, to implement Section 6403 of the CTA, relating to beneficial ownership reporting. In the ANPR, FinCEN solicits comment within 30 days on 48 questions that cover, among other topics, reporting requirements, the beneficial ownership registry, and disclosure of beneficial ownership information (BOI) to third parties. Our Client Alert on the AMLA is available here.
Background
The Bank Secrecy Act was amended by the CTA as a means to inhibit the use of U.S.-based shell corporations for illicit financial activity. The CTA requires certain companies that are formed or registered to do business in the U.S. to report BOI to FinCEN upon the company’s formation or registration un