Tag: Financial Institutions
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Navigating the New Landscape: The Impact of the Anti-Money Laundering Act of 2020 on Financial Institutions and AML Professionals
The Anti-Money Laundering Act of 2020 (AMLA) in the U.S. significantly transforms the Bank Secrecy Act’s whistleblower program, offering increased incentives and protections. Whistleblowers can now receive up to 30% of sanctions exceeding $1 million, fostering a potential rise in reports. Financial institutions must adapt by fortifying AML controls and internal reporting mechanisms, seeking expert…