Bank Secrecy Act and Anti-Money Laundering Reform

Bank Secrecy Act and Anti-Money Laundering Reform

Regulatory Alert, January 2021

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There is broad support among Congress, law enforcement, and the financial services industry for reforms to  strengthen and update the BSA/AML/CFT regulatory framework.

The AML changes are significant, widespread, and extremely detailed; key changes include expansion of the BSA  mission to include national security, increased emphasis on risk-based strategies, new frameworks for reporting  and sharing information including feedback loops, a mandatory whistleblower reward program, and creation of  beneficial ownership reporting requirements and data repositories.

Numerous studies required by the law may generate additional changes and new regulatory requirements or  legislation going forward.

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