Whistleblower Program Under Dodd Frank News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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On January 1, 2021, Congress overrode President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021, an omnibus bill that includes the Anti-Money Laundering Act of 2020 (the “AMLA”).[1] The AMLA represents one of the largest reforms of the United States anti-money laundering (“AML”) laws since the 2001 Patriot Act. These reforms include the creation of a national registry that tracks the beneficial ownership information of certain entities, updated AML whistleblower provisions, penalty enhancements for violations of the Bank Secrecy Act (“BSA”), modernized statutory language to address the rise in cryptocurrency transactions, additional mandates to the Treasury Department (“Treasury”) to combat financing of terrorism and more. This alert highlights the key areas of the AMLA that companies should be aware of. ....

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