Congress Enacts Changes to BSA/AML Requirements

On January 1, 2021, Congress passed the National Defense Authorization Act (NDAA). Included within that expansive law was the Anti-Money Laundering Act of 2020 (AMLA), which enacted a number of changes to Bank Secrecy Act (BSA) laws and mandated changes to BSA regulations. NAFCU has published a chart of the BSA provisions of the NDAA, and has previously discussed some of these changes in a post in our Compliance Blog. This article will take a deeper dive into those changes. While the NDAA instructed FinCEN to consider making a number of changes to their regulations, this article will focus on the concrete changes that the law enacts.

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