June 1, 2023 – The industry eagerly awaits the implementation of the Anti-Money Laundering Act of 2020, which promises to modernize the U.S. Bank Secrecy Act and, under the Corporate Transparency Act, establish a national repository of beneficial owners of businesses located and/or doing business in the U.S. It has been a few years since the legislation passed, and progress is slow.
This Impact Report discusses the implementation progress of key provisions of AMLA 2020, including the establishment of a centralized ultimate beneficial ownership database; a review of AML regulations and guidance that may be outdated, redundant, or do not support a risk-based program; and ongoing communication around threat patterns and trend information. It is based on ongoing Aite-Novarica Group research on legislation’s role in the anti-money laundering industry and the author’s extensive research into this particular act.
Clients of Aite-Novarica Group’s Fraud & AML service can download this report.
About the Author

Becki LaPorte
Becki LaPorte is a Strategic Advisor in the Fraud & AML practice at Datos Insights, covering anti-money laundering, Know Your Customer, and sanctions matters. Becki brings nearly 25 years of financial crime compliance and business experience, including conducting investigations, developing and delivering comprehensive training, and consulting on program design, development, and implementation. Most recently Becki operated her own consulting firm...