2021 Ohio Bankers Day

ANTI-MONEY LAUNDERING ACT OF 2020 (AMLA)

 Strengthens, modernizes, and streamlines the existing AML regime by promoting innovation, regulatory reform, and industry engagement.  Calls for the Secretary of Treasury and FinCEN to work closely with regulatory, national security, and law enforcement partners to identify risks and priorities and provide feedback to industry partners.

AMLA KEY REQUIREMENTS

 Establish national AML and countering the financing of terrorism priorities;  Enhance the whistleblower provisions to provide for a more robust whistleblower program including new anti-retaliation protections;  Review, and revise as appropriate, CTR and SAR reporting requirements, and other existing BSA regulations and guidance;  Expand BSA requirements and obligations to persons engaged in the trade of antiquities, and study on the potential expansion of BSA requirements to persons engaged in the art trade;