Tucked into the $740 billion defense spending bill Congress approved in December 2020 is the Anti-Money Laundering Act of 2020. The Act is the most comprehensive set of reforms to the antimoney laundering (“AML”) laws in the United States since the USA PATRIOT Act was passed in 2001. Taking aim at shell companies, the provisions require corporations to report beneficial owners – although there are a number of exemptions. The Act also expanded whistleblower provisions, increased penalties, and the Act explicitly expands AML regulations to cryptocurrency.
But as one criminal tool is blunted, others emerge to take advantage of payment innovations. Digital wallets, cross-border remittances, and the international gig economy present sanctions compliance challenges. OFAC’s 2019 civil penalty total of $1.3 Billion was the largest in ten years. Although the pandemic slowed things down in 2020, with a new administration will come new priorities. Join partners Jaimie Nawaday
and Rob Slack
for this session, which will cover recent developments in AML and sanctions compliance and provide a view into what the payments industry can expect in the next couple of years. Learn practical pointers in a discussion facilitated by lawyers with front-line experience in the area of compliance and enforcement actions.