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Bloomberg Law Analysis

ANALYSIS: Congress Sets Up Harsher AML Enforcement Regime

Jan. 13, 2021, 4:16 PM

The Anti-Money Laundering Act of 2020 (AMLA) has amended the Bank Secrecy Act (BSA) with new enforcement penalties and arranged for further scrutiny of AML enforcement by Congress.

The drafters of the AMLA clearly intended to shake up the AML enforcement regime to punish big banks and their executives more harshly than in the past. The crucial factor determining the course of AML enforcement after the AMLA will be the future decisions of financial regulatory agency and Department of Justice officials responsible for AML enforcement actions, however, and who those political appointees will be is not yet apparent.

AML Enforcement...

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