---
title: Anti-Money Laundering Act (AML) of 2020 Update
description: FinCEN’s Acting Director Das updated the House Financial Services Committee on implementation efforts in light of the Anti-Money Laundering (AML) Act of 2020.
---

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# [Anti-Money Laundering Act (AML) of 2020 Update](https://blog.bankerscompliance.com/en/anti-money-laundering-act-aml-of-2020-update)

 Written by [Amy Kudlacek](https://blog.bankerscompliance.com/en/author/amy-kudlacek) | Jun 8, 2022 1:08:46 PM

FinCEN’s Acting Director Das gave an [update](https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-dash-20220428.pdf) 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.

 

Published  
2022/06/08

[View full post](https://blog.bankerscompliance.com/en/anti-money-laundering-act-aml-of-2020-update)

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