The AML Act is the most significant AML reform law in the US since 2001, but what impact has it had? Our diverse panel of experts from the public and private sectors will discuss the status of regulations to implement various provisions of the law, what we can expect to see in the coming year, and how the industry should begin to prepare for future requirements.
The timing of this discussion is critical, as FinCEN will be within a year of implementing its national beneficial ownership registry and its Notice of Proposed Rulemaking on Beneficial Ownership Information Access and Safeguards will still be open for comments. Panelists will provide insight into how financial institutions’ compliance processes may be impacted by the existence of the registry and advice on actions that can be taken in the lead-up to the registry’s implementation. Other topics that will be covered include the incorporation of national priorities into AML programs, how a No Action Letter Process might be leveraged, and the impact of the AML Act on technology, innovation, and BSA reporting processes.