X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Money Laundering/ US dollars hung out to dry

The new Anti-Money Laundering Act of 2020 (AMLA or the Act) established the most comprehensive set of reforms to American anti-money laundering (AML) law since the passage of the Patriot Act in 2001. The AMLA—which was quietly passed in the massive 2021 National Defense Authorization Act—strengthened existing government authority to regulate and police money laundering. Specifically, the Act expands Justice and Treasury Department power to investigate and punish both anti-money laundering and Bank Secrecy Act (BSA) violations. In doing so, the AMLA’s reforms present particularly significant implications for financial institutions and their AML compliance programs.

Enhanced Penalties for BSA/AML Violations. The AMLA enhances penalties for BSA and anti-money laundering violations. These provisions will provide prosecutors with increased leverage in enforcing AML prohibitions and motivate them to focus on actively pursuing criminal activity in this space.

Specifically, the AMLA creates a new anti-money laundering crime. It is now unlawful to knowingly conceal from or misrepresent to a financial institution a material fact concerning (1) the ownership or control of certain assets involved in transactions over $1 million or (2) concerning the source of funds in certain transactions. Violating these provisions can result in up to 10 years in jail and a $1 million fine.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

Law Firms Mentioned

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

New York Law JournalBook

New York Law Journal, serving the bench and the bar since 1888

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.