How Will the Anti-Money Laundering Act of 2020 (AMLA) and the Corporate Transparency Act (CTA) Impact Banks Anti-Money Laundering Compliance Under the Bank Secrecy Act (BSA)? A Discussion with Guest Matt Haslinger Chief BSA/AML/OFAC Officer, M&T Bank
After reviewing how the AMLA expands the BSA\u2019s goals, we look at which AMLA provisions have the most impact on BSA compliance, including the AMLA\u2019s emphasis on information sharing, the Financial Crimes Enforcement Network\u2019s \u201cnational priorities\u201d and the value of threat pattern and trend information to bank compliance efforts, and the AMLA\u2019s expansion of the U.S. government\u2019s authority to subpoena information from foreign financial institutions that maintain correspondent banking relationships with U.S. banks. We also review the CTA\u2019s new beneficial ownership reporting requirements and discuss how they interact with existing customer due diligence (CDD) requirements and the need to align CTA and CDD regulations.
Peter Hardy and Terence Grugan, Ballard Spahr partners and co-leaders of the firm\u2019s AML Team, host the conversation.