Anti-Money Laundering Act (AML) of 2020 Update

FinCEN’s Acting Director Das gave an update to the House Financial Services Committee on implementation efforts in light of the Anti-Money Laundering (AML) Act of 2020. Of course, FinCEN has been very busy with Russia-related sanctions, which has slowed some of its progress on implementing the AML Act.

Proposed regulations were issued in December 2021 to implement the Corporate Transparency Act’s reporting requirements related to beneficial owners.

While there is no firm timeline for a final rule, FinCEN is working to develop the systems necessary to hold the information.

A proposed rule regarding access to the beneficial ownership information is planned for later this year, which will be followed by revisions to the Customer Due Diligence (CDD) requirements in light of these new reporting requirements.

There’s no time like the present to make sure your program is currently in a good place and to consider how these changes on the horizon may impact you! When it finally comes, you want to be ready.

 

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Published
2022/06/08
Amy Kudlacek

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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