Anti-Money Laundering Act of 2020 Requires Beneficial Ownership Filings by Businesses
By EsqSocial Corporation 05/01/21
The House of Representatives and the Senate voted to override President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”). The NDAA includes the Anti-Money Laundering Act of 2020 (“AMLA”) which includes the Corporate Transparency Act (“CTA”). The AMLA expands the Bank Secrecy Act (“BSA”) and modernizes and strengthens the United States’ financial crime monitoring systems. Among the significant provisions in the AMLA is the creation of a non-public, secure...
By: Locke Lord LLP