What New AML Law Means For Correspondent Banking

Law360 (January 20, 2021, 4:46 PM EST) -- On Jan. 1, 2021, Congress enacted the National Defense Authorization Act for fiscal year 2021, incorporating the most significant overhaul of the Bank Secrecy Act and related anti-money laundering laws since the USA PATRIOT Act of 2001.

This included a new law permitting the U.S. Department of Justice and the U.S. Department of the Treasury to subpoena foreign-located bank records if the foreign bank maintains a U.S. correspondent account and without regard to whether the correspondent account was used as part of the potential violation of U.S. law.

This new authority may be exercised in any investigation of a violation of...

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