Modernization of US AML/CFT Laws and Regulations – Impact on Financial Institutions outside the USA
March 24, 2021 @ 1:00 pm - March 25, 2021 @ 3:00 pm
Overview:
On January 1, 2021, the US Congress passed the Anti-Money Laundering Act of 2020 (AMLA) as part of the National Defense Authorization Act for Fiscal Year 2021. AMLA includes substantial reforms to US anti-money laundering (AML) and counter-terrorism financing (CFT) laws since the Banking Secrecy Act of 1970 and the USA Patriot Act of 2001. These reforms will have impact not only on US financial institutions, but also on foreign financial institutions which should be aware of the recent developments that complements the enforcement activity involving US sanctions/embargoes, export controls, and anti-corruption and anti-fraud laws. Non-US banks, engaged in business with US banks through correspondent relationships, should be familiar with the AMLA provisions that may apply to their activities. On the other hand, the US continues its fight against serious human rights abuses and corruption through the Global Magnitsky Act, by imposing financial sanctions and visa restrictions on persons determined to be involved in these acts anywhere in the world. This Act has also implications on foreign financial institutions. So, the aim of this webinar is to provide the attendees with an overview of the above along with practical insights and examples to implement at their bank.
Outline:
The US Anti-Money Laundering Act (AMLA) of 2020
Modernization and Reforms of AML/CFT Laws and Regulations
Overview:
On January 1, 2021, the US Congress passed the Anti-Money Laundering Act of 2020 (AMLA) as part of the National Defense Authorization Act for Fiscal Year 2021. AMLA includes substantial reforms to US anti-money laundering (AML) and counter-terrorism financing (CFT) laws since the Banking Secrecy Act of 1970 and the USA Patriot Act of 2001. These reforms will have impact not only on US financial institutions, but also on foreign financial institutions which should be aware of the recent developments that complements the enforcement activity involving US sanctions/embargoes, export controls, and anti-corruption and anti-fraud laws. Non-US banks, engaged in business with US banks through correspondent relationships, should be familiar with the AMLA provisions that may apply to their activities. On the other hand, the US continues its fight against serious human rights abuses and corruption through the Global Magnitsky Act, by imposing financial sanctions and visa restrictions on persons determined to be involved in these acts anywhere in the world. This Act has also implications on foreign financial institutions. So, the aim of this webinar is to provide the attendees with an overview of the above along with practical insights and examples to implement at their bank.
Outline:
The US Anti-Money Laundering Act (AMLA) of 2020
Details