On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN) provided an update on implementation of the Anti-Money Laundering Act of 2020 (AML Act) and issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (Priorities). The Priorities, released on the AML Act’s six-month anniversary, identify and describe the most significant AML/CFT threats in FinCEN’s view, and may help financial institutions and other covered entities focus on and allocate resources to high-risk areas.
The AML Act, effective as of January 1, 2021, amended the Bank Secrecy Act (BSA), which provides the framework for the prevention and detection of money laundering and the financing of terrorism. The legislation required FinCEN to issue AML/CFT priorities, mandated creation of an ultimate beneficial ownership register, strengthened the government’s ability to seek foreign bank records, updated the BSA’s whistleblower program, and required other rulemaking and programs affecting financial institutions’ compliance with the BSA.[1]
FinCEN’s 180-day AML Act Implementation Update (Update) sets forth a list of FinCEN’s achievements since January 1, 2021 and specifically notes FinCEN’s progress on implementing the closely watched ultimate beneficial ownership register.[2] The Corporate Transparency Act (CTA), which is part of the AML Act, requires certain corporations, limited liability companies, and similar entities to file reports with and keep current information about their beneficial ownership with FinCEN. In April 2021, as noted in the Update, FinCEN issued an Advance Notice of Proposed Rulemaking seeking public comment on the implementation of the ultimate beneficial ownership register.[3] The CTA requires FinCEN to promulgate rules ..
Support the originator by clicking the read the rest link below.
