Mitigating AML Act Exposure For High-Net-Worth Individuals

By Evelyn Sheehan and Jason Short (January 28, 2021, 5:48 PM EST) -- On Jan. 1, 2021, the U.S. Senate joined the U.S. House of Representatives in voting to override President Donald Trump's veto of the National Defense Authorization Act for Fiscal Year 2021, entering it into law.

Although generally regarded as annual legislation providing budget authority for the U.S. Department of Defense, this latest NDAA is particularly notable, as it incorporates the Anti-Money Laundering Act of 2020, a sweeping and comprehensive series of reforms to the U.S. anti-corruption regime not seen since the enactment of the Bank Secrecy Act in 1970.

The AML Act serves as the latest, and most important, step in...

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