Our Website Uses Cookies 

We and the third parties that provide content, functionality, or business services on our website may use cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, on and off the website, and help us understand your interests and improve the website.

For more information, please contact us or consult our Privacy Notice.

Your binder contains too many pages, the maximum is 40.

We are unable to add this page to your binder, please try again later.

This page has been added to your binder.

BSA/AML Reform in the 2021 NDAA: Seven Things To Know

December 11, 2020, Covington Alert

On December 8, 2020, the House passed the National Defense Authorization Act (the “NDAA” or “Act”), which includes over 200 pages of significant reforms to the Bank Secrecy Act (“BSA”) and other anti-money laundering (“AML”) laws that have been working their way through Congress for several years. Despite some remaining objections from President Trump and others, which are unrelated to the BSA/AML provisions of the bill, the Act passed the Senate on December 11, 2020, and may have sufficient support to override any veto. If enacted, the Act would put in place the most comprehensive set of BSA/AML reforms since the USA PATRIOT Act of 2001. This alert provides seven things to know about the reforms.

Share this article: