AMLA 2020
E10931
AMLA 2020 is a U.S. federal law that significantly updated and expanded the country’s anti–money laundering and counter-terrorist financing framework, including reforms to beneficial ownership reporting and enforcement powers.
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
anti-money laundering law → |
| addresses |
shell companies used for illicit finance
→
trade-based money laundering → virtual currency and emerging financial technologies in AML context → |
| aimsTo |
combat proliferation financing
→
combat terrorist financing → improve detection of money laundering → increase corporate transparency → |
| amends |
Bank Secrecy Act
→
|
| appliesTo |
certain corporations and limited liability companies formed or registered in the United States
→
financial institutions subject to the Bank Secrecy Act → |
| assignsResponsibility |
FinCEN beneficial ownership database administration
→
|
| authorizes |
greater use of non-trial resolutions in AML enforcement
→
subpoenas for foreign bank records held outside the United States → |
| country |
United States of America
→
|
| creates |
new AML-related criminal offenses and enhancements
→
|
| dateEnacted |
2021-01-01
→
|
| designatesAgency |
Financial Crimes Enforcement Network
→
|
| effectiveDate |
2021-01-01
→
|
| enactedBy |
United States Congress
→
|
| encourages |
risk-based AML compliance programs
→
|
| establishes |
Corporate Transparency Act
→
|
| expandsPowersOf |
Financial Crimes Enforcement Network
→
U.S. Department of Justice → federal regulators for AML enforcement → |
| fullName |
Anti-Money Laundering Act of 2020
→
|
| increases |
civil penalties for Bank Secrecy Act violations
→
criminal penalties for certain AML violations → |
| legalCitation |
Public Law 116-283, Division F
→
|
| mandates |
prioritization of national AML and CFT priorities
→
studies and reports on emerging payment systems and technologies → |
| modernizes |
Bank Secrecy Act regulatory framework
→
|
| partOf |
National Defense Authorization Act for Fiscal Year 2021
→
|
| protects |
whistleblowers who report AML violations
→
|
| requires |
Treasury to establish and publish national AML and CFT priorities
→
beneficial ownership reporting for certain legal entities → information sharing among financial institutions and government → periodic review of Bank Secrecy Act regulations and guidance → |
| signedIntoLawBy |
Donald J. Trump
→
|
| strengthens |
international cooperation on AML and CFT matters
→
whistleblower incentives and protections in AML context → |
| subjectMatter |
anti-money laundering
→
beneficial ownership transparency → counter-terrorist financing → financial crime enforcement → |
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Anti-Money Laundering Act of 2020
→
|
shortName |