In the most consequential update to the Bank Secrecy Act
(BSA) since the 2001 passage of the USA PATRIOT Act, the United
States Congress on 11 December passed a wide-ranging bill that
broadens and updates the BSA and the U.S. anti-money
laundering/combating the financing of terrorism (AML/CFT) regime,
creates a national beneficial ownership reporting framework for
legal persons, and fosters innovation and
information-sharing1. The Anti-Money Laundering
Act of 2020 (AML Act) and its inclusion in the 2021 National
Defense Authorization Act (NDAA) demonstrate strong bipartisan
consensus in Congress. The NDAA passed both houses of Congress by
wide margins, and is likely to withstand a potential
veto.2 If it becomes law, the AML Act will launch
a rulemaking and policy development process that is likely to
extend over several years and will require sustained focus by the
public and private sectors.
