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On January 1, 2021, the United States Congress overrode the president’s veto to enact the 2021 National Defense Authorization Act (the NDAA), which, aside from allocating the annual defense budget, includes the Anti-Money Laundering Act of 2020 (AMLA), the Corporate Transparency Act (CTA), the Combatting Russian Money Laundering Act (CRMLA) and the Kleptocracy Asset Recovery Rewards Act (KARRA). These statutes contain sweeping provisions intended to modernize the anti-money laundering (AML) and counterterrorist financing (CTF) laws in the U.S. to address new and emerging threats; improve coordination and information sharing among regulators, law enforcement and financial institutions; and encourage technological innovation to more effectively counter money laundering and terrorism financing.
Highlights
The Anti-Money Laundering Act of 2020 (AMLA 2020) is the most consequential anti-money laundering legislation passed by Congress in decades.
Among its many provisions, AMLA 2020 provides for 1) expanded whistleblower rewards and protections, 2) the establishment of a beneficial ownership registration database that will be implemented by the Financial Crimes Enforcement Network (FinCEN), 3) new Bank Secrecy Act (BSA) violations and enhanced BSA penalties for repeat and egregious violators and 4) expanded subpoena power.
In addition, AMLA 2020 amended the law to mandate that the Secretary of the Treasury shall pay an award to whistleblowers whose information leads to successful enforcement of anti-money laundering laws, but the statute does not provide a reward floor, meaning whistleblowers may walk away with only a nominal award.
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Is it hyperbolic to say that never before have we seen a quieter, yet more anticipated and welcome end to a year than in 2020? For some, 2020 is a year the sooner forgotten, the better. In data privacy and security law, a lot happened. Here are five musical references to remind what a tremendous year 2020 was.
California Dreamin’. In January 2020, the California Consumer Privacy Act (CCPA) become effective. Yes – that’s hard to believe, given that it feels like we’ve been talking about CCPA forever. Certainly CCPA lived up to the hype. The three sets of draft regulations released by the California Office of the Attorney General helped, as did the class action litigation. And now, we have the California Privacy Rights Act (CPRA) to close out 2020.
Congress Passes Corporate Transparency Act | Troutman Pepper jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.