Follow Us
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Over the past few years, Congress and law enforcement have notably increased their scrutiny of companies’ anti-money laundering (AML) compliance, and it appears that Congress is not yet finished with its drive for additional legislation and regulation. On Jan. 1, 2021, Congress passed the Anti-Money Laundering Act of 2020 (the AMLA), which was included in the National Defense Authorization Act for Fiscal Year 2021. The AMLA, which was widely perceived to represent one of the largest reforms of U.S. AML laws since the 2001 Patriot Act, included the creation of a national registry that tracks certain entities’ beneficial ownership information, brought antiquities dealers and cryptocurrency exchanges, and transmitting businesses under the Bank Secrecy Act’s (BSA) AML requirements, updated AML whistleblower provisions, and expanded law enforcement tools, including providing the Department of Justice and Treasury Department with the power to subpoena foreign banks with U.S. correspondent accounts for records related to any account at the bank. Since its passage, companies have been busy adapting their AML compliance programs to account for these significant changes to AML laws.
Continue reading by getting
started with a subscription.
Common Pitfalls In Personal Device Collection
By Marjorie Peerce and Marguerite O’Brien
Both the DOJ and the SEC have made it clear that they will look at company BYOD policies when assessing how to resolve matters under their purview. To avoid pitfalls — and sanctions — counsel must take proactive steps to ensure proper preservation and collection of personal mobile data and verify that clients comply.
FCPA Compliance Guidance for Global Businesses
By Cole Callihan
The Biden administration and its Justice Department have established countering corruption as a core U.S. national security interest. Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and corruption.
Regulators Want AI Companies to Respect Antitrust and Consumer Protection Laws
By Karen Hoffman-Lent and Kenneth Schwartz
The new era of AI technology has ushered in competition concerns alongside consumer-protection fears. Accordingly, regulators and lawmakers are taking note of the AI craze and are keen on ensuring that companies involved in AI are respecting both antitrust and consumer protection laws.
Will the Corporate Transparency Act Smother the Cannabis Industry?
By Steve Schain
The CTA requires business entities to file information on their “beneficial owners” with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.
Copyright © ALM Global, LLC. All Rights Reserved.
