In Short
The Situation: On January 1, 2021, the U.S. Congress enacted the most significant reforms to U.S. anti-money laundering laws in decades. The Anti-Money Laundering Act of 2020 ( AMLA ) and the Corporate Transparency Act ( CTA ), both within the National Defense Authorization Act, became law upon votes by the U.S. Senate and House of Representatives to override the President s veto.
The Result: The enactment of AMLA and CTA initiates an extended regulatory implementation process, as many of the new anti-money laundering requirements take effect over time when the responsible federal agencies issue mandated rules and reports. While some changes are self-executing, others like the beneficial ownership reporting rules and the appointment of foreign and domestic liaisons at the Department of the Treasury, Financial Crimes Enforcement Network ( FinCEN ) require additional time, reports, or rulemakings.