The Anti-Money Laundering Act of 2020: A Review of Selected Provisions

On January 1, 2020, over a Presidential veto, Congress passed the Defense Appropriations Act.  Included in the Act, at Subpart F, is the Anti-Money Laundering (AML) Act of 2020.  The Act is the first set of amendments to the Bank Secrecy Act and related statutes in over 50 years.  The Act contains major changes, including a Corporate Transparency Act, treatment of cryptocurrency, regulation of sales in antiquities, and upcoming changes to Know Your Customer (KYC), suspicious activity reporting, and related requirements for regulated entities.  The program, taught by tax attorneys Ian Comisky and Bryan Skarlatos, will discuss the highlights of the changes currently affecting practitioners this year and in the years to come.

1. Review selected portions of the AML Act of 2020

2. Discuss the details of the Corporate Transparency Act

3. Analyze the changes to cryptocurrency rules

4. Examine the regulation of antiquities and possibly artworks

5. Identify civil and criminal penalty changes