Overview
On December 11, 2020, the Senate passed the National Defense
Authorization Act for Fiscal Year 2021 ( NDAA ). The NDAA
was previously passed by the House of Representatives and includes
the Anti-Money Laundering Act of 2020 ( AMLA ) a
sweeping reform designed to modernize and strengthen the United
States financial crime monitoring system. Most central to the AMLA
is the creation of a central registry to track the beneficial
owners of business entities registered in the United States. In
addition to the registry, the AMLA seeks to expand the Bank Secrecy
Act ( BSA ) and Patriot Act regimes, by directing the
Financial Crimes Enforcement Network ( FinCEN ) to