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of a centralized ultimate beneficial ownership database; a review of AML regulations and guidance that may be outdated, redundant, or do not support a risk-based program; and ongoing communication around threat patterns and trend information.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.