The new Anti-Money Laundering Act 2020 of the United States of America
Omnibus statute that addresses a variety of defense and national security matters, including the most substantial and sweeping legislative reforms to US anti-money laundering (AML) and counter-terrorism financing (CFT) laws since the USA Patriot Act of 2001. The NDAA introduces these AML/CFT amendments and enhancements in the form of the Anti-Money Laundering Act of 2020 (AMLA). These developments will have a profound impact not only on financial institutions (that have traditionally borne the brunt of AML/CFT compliance), but also certain types of businesses other than financial institutions. Congress enacted the AMLA with bipartisan support overriding a prior presidential veto. The AMLA is yet another example of enhancements made by the United States to address national security concerns and complements recent developments and enforcement activity involving US sanctions/embargoes, export controls, anti-corruption and anti-fraud laws, and the Committee on Foreign Investment in the United States.