U.S. Addresses Long-Standing Gap in its AML Compliance Regime

The Financial Action Task Force (FATF) issued its first recommendations on beneficial ownership nearly 30 years ago with little response from the United States. Now, one of the biggest gaps in the U.S. anti-money laundering (AML) regime is about to be closed, moving the United States toward compliance with international AML and countering the financing of terrorism (CFT) standards related to beneficial ownership.

This Flash Report explains the Anti-Money Laundering Act of 2020 and highlights several other provisions aimed at strengthening the U.S. AML regime.