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On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating and modernizing U.S. anti-money laundering laws, rules, and regulations. While most of these reforms target financial institutions subject to the BSA, several have broader implications for domestic and international business.
About the Series
This multipart series will highlight key takeaways from the AMLA 2020 with practical implications for our clients, including (1) new and expansive requirements for disclosure of corporate beneficial ownership, which the Financial Crimes Enforcement Network (FinCEN) is now actively working to implement; (2) enhanced incentives for whistleblowers to report money laundering violations; (3) expansion of U.S. subpoena authority over foreign financial institutions
GreenBox POS Raises 2021 Processing Volume Estimates
April 05, 2021 17:22 ET | Source: GreenBox POS GreenBox POS
Doubling Previously Issued Guidance
SAN DIEGO, CA, April 05, 2021 (GLOBE NEWSWIRE) GreenBox POS (NASDAQ: GBOX ( GreenBox , the Company ), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, sees first quarter 2021 processing volume materially outpaced prior expectations used in initial annual guidance of $600 million. The Company now expects at least $1.2 billion of processing volume for the year, improved operating margins, and additional new smart-contract token volume.
The Company’s blockchain ledger-based payment solutions have gained traction as new merchant onboarding accelerates following the January launch of its Gen3 technology. Processing volume is the primary source of GreenBox revenue, which is residual based. The Company attributes this growth to th