US Congress makes sweeping changes to AML enforcement

Joshua M. Robbins (+1 (949) 224-6284, jrobbins@buchalter.com) and Cheryl M. Lott (+1 (213) 891-5259, clott@buchalter.com) are attorneys with Buchalter.

On New Year’s Day 2021, the US Congress passed – over President Trump’s veto – a defence appropriations law containing the Anti-Money Laundering Act of 2020 (AML Act) and the Corporate Transparency Act, launching a raft of anti-money laundering reforms that include new beneficial ownership disclosure obligations for a wide range of small companies. Joshua M. Robbins and Cheryl Lott of Buchalter work through the legislation.