Legal Alerts/Details

New Year, New Laws – Congress Passes Major Anti-Money Laundering Act

January 15, 2021
Footnotes:
  1. Anti-Money Laundering Act of 2020 (“AMLA”) § 6002.
  2. AMLA §§ 6401, 6402, 6403.
  3. AMLA § 6403 (adding 31 U.S.C. § 5366(a)(11)(A)).
  4. For the full list of exempted companies see AMLA § 6403 (adding 31 U.S.C. § 5366(a)(11)(B)).
  5. AMLA § 6403 (adding 31 U.S.C. § 5336(b)(1)(B)).
  6. AMLA § 6403 (adding 31 U.S.C. § 5366(a)(3)(A)).
  7. AMLA § 6403 (adding 31 U.S.C. § 5366(a)(3)(B)).
  8. AMLA § § 6403 (adding 31 U.S.C. § 5336(b)(2)(A)).
  9. AMLA § 6314.
  10. 31 U.S.C. § 5323.
  11. AMLA § 6314 (adding 31 U.S.C. § 5323(b)(1)).
  12. AMLA § 6314 (adding 31 U.S.C. § 5323(b)(1)).
  13. AMLA § 6314 (adding 31 U.S.C. § 5323(c)(1)(B)).
  14. AMLA § 6314 (adding 31 U.S.C. § 5323(g)).
  15. Id.
  16. AMLA § 6105 (adding 31 U.S.C. § 310(e)).
  17. AMLA § 1605.
  18. AMLA §§ 6106, 6107, 6108.
  19. 31 U.S.C. § 5318(k)(3)(A)(i).
  20. AMLA § 6308 (adding 31 U.S.C. § 5318(k)(3)(A)(i)).
  21. AMLA § 6308 (adding 31 U.S.C. § 5318(k)(3)(A)(ii)).
  22. AMLA § 6308 (adding 31 U.S.C. § 5318(k)(D)).
  23. AMLA § 6308 (adding 31 U.S.C. § 5318(k)(E)).
  24. Interagency Guidance on Sharing Suspicious Activity Reports with Head Offices and Controlling Companies (Jan. 20, 2006), https://www.fincen.gov/sites/default/files/guidance/sarsharingguidance01122006.pdf. 
  25. AMLA § 6212 (adding 31 U.S.C. § 5318(g)(8)(B)(i), (C) (excluding foreign branches located in China and Russia, with certain exceptions, or in jurisdictions that that are state sponsors of terrorism, subject to U.S. sanction, or the Secretary of the Treasury determines cannot reasonably protect the security and confidentiality of such information). 
  26. Customer Due Diligence Requirements for Financial Institutions, 81 Fed. Reg. 29397 (May 11. 2016), https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf.
  27. AMLA § 6304 (adding 31 U.S.C. § 5366(c)(2)(B)(iii)); see Customer Due Diligence Requirements for Financial Institutions, 81 Fed. Reg. 29397 (May 11. 2016), https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf.
  28. AMLA § 6403 (adding 31 U.S.C. § 5336(c)(3)(C), (F), (G), (H)).
  29. AMLA § 6403 (adding 31 U.S.C. § 5336(h)(3)(B)).
  30. AMLA § 6403.
  31. AMLA § 6101(a) (adding 31 U.S.C. § 5311(b)(4)(A)).
  32. AMLA § 6101(a) (adding 31 U.S.C. § 5311(b)(4)(E)).
  33. AMLA § 6103 (31 U.S.C. § 310).
  34. Press Release, Fin. Crimes En’f Network, FinCEN Exchange in New York City Focuses on Virtual Currency (May 3, 2019), https://www.fincen.gov/resources/financial-crime-enforcement-network-exchange.
  35. FinCEN Launches “FinCEN Exchange” to Enhance Public-Private Information Sharing (Dec. 4, 2017), https://www.fincen.gov/news/news-releases/fincen-launches-fincen-exchange-enhance-public-private-information-sharing.
  36. Id.; see AMLA § 6103 (31 U.S.C. § 310).

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