New U.S. AML Legislation – Five Provisions for Foreign Banks to Watch

On January 1, 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (the “AMLA”), as part of the National Defense Authorization Act (the “Act”).  The AMLA includes extensive and fundamental reforms to anti-money laundering (“AML”) laws in the United States, including the Bank Secrecy Act (“BSA”).

In a previous client alert, we covered the principal AML reforms adopted by the Act, including new beneficial ownership disclosure rules and modernized AML program requirements.  In a follow-up client alert, we consider five provisions of the Act that have attracted less attention, but may significantly impact foreign banks with correspondent relationships in the United States, or with U.S. branches or agencies.

Click here to read Covington’s client alert, New U.S. AML Legislation – Five Provisions for Foreign Banks to Watch.