Report

U.S. Anti-Money Laundering Act of 2020: Raising the Bar of Regulatory Expectations

The U.S. AML regime was long overdue for an overhaul, and the AMLA 2020 includes a number of important reforms.
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Boston, August 4, 2021 – With a focus on promoting more informed and action-oriented outcomes, the Anti-Money Laundering Act of 2020 is designed to elevate innovation and collaboration, and drive greater AML control effectiveness and efficiency. Financial services firms will welcome some of these changes—those that will phase out obsolete requirements. But other changes will entail more work and more regulatory hurdles for regulated entities. The good news is that many of the AMLA 2020 provisions require the U.S. Department of the Treasury to enact regulations before enforcement can take place; therefore, the industry has some time to prepare.

This Impact Brief discusses key provisions of AMLA 2020 and explores its impact on how both the private and public sectors will fight money-laundering.

Clients of Aite-Novarica Group’s Fraud & AML service can download this 11-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

About the Author

Julie Conroy

Julie Conroy

Julie Conroy serves as the Chief Insights Officer for Datos Insights. Prior to Julie’s tenure at Datos Insights, she had more than a decade of hands-on product management experience working with financial institutions, payments processors, and risk management companies. She spent a number of years as Vice President of Product Solutions with Early Warning Services, where her team managed a...

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Other Authors

Chuck Subrt

Chuck Subrt

Charles (Chuck) Subrt is the Director of Datos Insights' Fraud & AML practice, and he covers anti-money laundering and compliance issues. Chuck brings 20 years of legal and compliance experience and a deep expertise advising business leaders, driving change, and establishing strong, self-sustaining AML and financial crime compliance and risk management programs at a global financial services company. For the past 10 years, Chuck led multiple compliance functions for Sun...

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