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Overview On December 11, 2020, the Senate passed the National Defense Authorization Act for Fiscal Year 2021 ("NDAA"). The NDAA was previously passed by the House of Representatives and includes the Anti-Money Laundering Act of 2020 ("AMLA")—a sweeping reform designed to modernize and strengthen the United States financial crime monitoring system. Most central to the AMLA is the creation of a central registry to track the beneficial owners of business entities registered in the United States. In addition to the registry, the AMLA seeks to expand the Bank Secrecy Act ("BSA") and Patriot Act ...

US Passes Historic Anti-Corruption Legislation With Global Reach Filed as an amendment to the NDAA, the anti-money laundering act lays the foundation for action against corruption. By December 14, 2020 Advertisement In the waning days of the Trump presidency, veto-proof majorities in the U.S. Congress passed historic bipartisan anti-corruption legislation in concert with his successor’s priorities. The Anti-Money Laundering (AML) Act of 2020, filed as an amendment to the National Defense Authorization Act for 2021, lays the foundation for action on the presidentia...