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ARTICLE · 12 MARCH 2021

Looking Forward: AML/CFT Expectations In The Biden Administration

K2 Integrity
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The Anti-Money Laundering Act of 2020 (AML Act) serves as the starting point for financial institutions and companies looking to understand what to expect from the Biden administration with respect...

United StatesGovernment, Public Sector
Thomas Bock
Thomas Bock
Chip Poncy
Chip Poncy
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The Anti-Money Laundering Act of 2020 (AML Act) serves as the starting point for financial institutions and companies looking to understand what to expect from the Biden administration with respect to anti-money laundering/countering the financing of terrorism (AML/CFT) regulation and enforcement. Implementing the AML Act will be one of the top priorities of the U.S. Department of the Treasury. 

Financial institutions already subject to rigorous requirements to detect and prevent financial crimes likely have encountered even greater challenges as a result of the pandemic. However, they should continue to stay abreast of the latest changes and consult with their in-house compliance teams, legal counsel, and third-party risk and compliance resources to ensure frameworks will stand up against regulatory scrutiny. Additionally, they should ensure they are effectively addressing pandemic-related challenges stemming from remote work, potentially weakened controls,

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