U.S. lawmakers made sweeping revisions to the U.S. anti-money laundering regime only a week ago, but financial institutions may have to wait several months, if not years, for those changes to come into force and impact their day-to-day compliance obligations. On New Year's Day, the Senate voted 81-13 to override outgoing President Donald Trump's veto of the National Defense Authorization Act, or NDAA, an annual defense spending bill that separately mandates the establishment of a national database of beneficial owners, brings dealers of antiquities under the purview of the Bank Secrecy Act and overhauls federal examinations. The Treasury Department, and...
The U.S. Senate overwhelmingly approved a defense spending bill Friday that includes sweeping reforms to the federal government's controls against financial crime three days after House lawmakers passed the legislation with a veto-proof majority.
U.S. financial institutions may gain far more flexibility in the steps they take to identify the individuals who control or manage the legal entities they serve if the latest iteration of legislation to create a national database of beneficial owners becomes law.
In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Daniel Stipano, partner at Davis Polk & Wardwell LLP in Washington, D.C., discuss the AML Act, the most far-reaching update to the Bank Secrecy Act in nearly 20 years.