Anti-Money Laundering Act of 2020
E2182
The Anti-Money Laundering Act of 2020 is a major U.S. federal law that modernizes and strengthens the country’s anti-money laundering and counter-terrorist financing framework, expanding regulatory powers, reporting requirements, and enforcement tools.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
anti-money laundering law ⓘ |
| addresses | virtual currency and digital asset-related money laundering risks ⓘ |
| aimsTo |
close loopholes in corporate transparency
ⓘ
improve the usefulness of Bank Secrecy Act reporting ⓘ prevent the misuse of shell companies ⓘ |
| amends | Bank Secrecy Act ⓘ |
| appliesTo |
banks
ⓘ
broker-dealers ⓘ money services businesses ⓘ other financial institutions covered by the Bank Secrecy Act ⓘ |
| authorizes | subpoenas for records of foreign banks with U.S. correspondent accounts ⓘ |
| codifies | risk-based approach to anti-money laundering compliance ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| creates | federal beneficial ownership registry ⓘ |
| dateEnacted | 2021-01-01 ⓘ |
| designatesAdministratorOfBeneficialOwnershipRegistry | Financial Crimes Enforcement Network ⓘ |
| directs | U.S. Department of the Treasury to establish national AML and CFT priorities ⓘ |
| enactedAsPartOf | National Defense Authorization Act for Fiscal Year 2021 ⓘ |
| encourages | use of innovative technologies in AML compliance ⓘ |
| enhances |
whistleblower financial incentives for reporting Bank Secrecy Act violations
ⓘ
whistleblower protections in anti-money laundering enforcement ⓘ |
| establishes | beneficial ownership reporting requirements ⓘ |
| expandsAuthorityOf |
Financial Crimes Enforcement Network
ⓘ
United States Department of the Treasury ⓘ
surface form:
U.S. Department of the Treasury
federal law enforcement agencies ⓘ |
| fullName | Anti-Money Laundering Act of 2020 self-link ⓘ |
| imposesReportingObligationsOn |
corporations
ⓘ
limited liability companies ⓘ similar business entities formed or registered in the United States ⓘ |
| increases |
civil penalties for certain Bank Secrecy Act violations
ⓘ
criminal penalties for certain Bank Secrecy Act violations ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| partOf | National Defense Authorization Act for Fiscal Year 2021 ⓘ |
| primaryObjective |
enhance information sharing among government and financial institutions
ⓘ
improve detection and prevention of money laundering ⓘ modernize the U.S. anti-money laundering framework ⓘ strengthen counter-terrorist financing measures ⓘ |
| requires |
Treasury to conduct studies and reports on emerging payment systems and AML risks
ⓘ
establishment of national AML and CFT priorities ⓘ periodic review of Bank Secrecy Act reporting requirements ⓘ |
| shortName | AMLA 2020 ⓘ |
| signedIntoLawBy | Donald Trump ⓘ |
| strengthens |
information sharing between financial institutions and government agencies
ⓘ
international cooperation on anti-money laundering and counter-terrorist financing ⓘ |
| subjectMatter |
anti-money laundering
ⓘ
counter-terrorist financing ⓘ financial crime enforcement ⓘ |
| yearEnacted | 2021 ⓘ |
Referenced by (8)
Full triples — surface form annotated when it differs from this entity's canonical label.
National Defense Authorization Act for Fiscal Year 2021
→
hasComponent
→
Anti-Money Laundering Act of 2020
ⓘ
U.S. Department of the Treasury to establish national AML and CFT priorities
→
legalBasis
→
Anti-Money Laundering Act of 2020
ⓘ
subject surface form:
U.S. Department of the Treasury national AML and CFT priorities