BSA/AML Reform Resource Center

On January 1, 2021, Congress voted to override the president's veto of the National Defense Authorization Act for Fiscal Year 2021, enacting the Anti-Money Laundering Act of 2020 (AML Act) and the most significant overhaul of the Bank Secrecy Act and related anti-money laundering laws since the USA PATRIOT Act of 2001. The AML Act substantially amended Title 31 and set a demanding regulatory agenda for the Treasury Department and the Financial Crimes Enforcement Network (FinCEN), which the government is busy implementing.

On this page, Arnold & Porter tracks the legal developments and rulemaking resulting from the AML Act and provides our insights on the impact on the financial services industry.

Last Updated February 13, 2024

Overview of BSA/AML reform under the AML Act

National AML/CFT Priorities (Sec. 6101)

• FinCEN Anti-Money Laundering and Countering the Financing of Terrorism National Priorities (Jun. 30, 2021)
• FFIEC Interagency Statement on the Issuance of the AML/CFT National Priorities (Jun. 30, 2021)
• FinCEN Statement for Non-Bank Financial Institutions (Jun. 30, 2021)

Strengthening FinCEN and Expanding Reporting Authorities (Sec. 6102)

• Anti-Money Laundering Regulations for Real Estate Transfers NPRM (Feb. 7, 2024)
• Arnold & Porter Advisory: FinCEN Issues ANPRM to Address Money Laundering Vulnerabilities in the Real Estate Sector (Dec. 10, 2021)
• Anti-Money Laundering Regulations for Real Estate Transactions ANPRM (Dec. 8, 2021)

Application of AML Requirements to Arts and Antiquities (Sec. 6110)

• Arnold & Porter Blog: Treasury Department Focuses on Emerging Digital Art Market and NFTs (Feb. 18, 2022)
• Treasury Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art (Feb. 2022)
• Arnold & Porter Advisory: FinCEN Takes First Step in Antiquities Rulemaking (Sep. 29, 2021)
• AML Requirements for Dealers in Antiquities ANPRM (Sep. 24, 2021)
• FinCEN Notice on Efforts Relating to Antiquities and Art (Mar. 9, 2021)
• Arnold & Porter Blog: Recently Enacted NDAA Expands the Bank Secrecy Act to Regulate the Antiquities Trade (and Possibly Eventually the Art Market) (Jan. 19, 2021)

Sharing of Threat Pattern and Trend Information (Sec. 6206)

• Use of Convertible Virtual Currency for Suspected Online Child Sexual Exploitation and Human Trafficking: Threat Pattern & Trend Information, January 2020 to December 2021 (Feb. 13, 2024)
• Identity-Related Suspicious Activity: 2021 Threats and Trends (Jan. 9, 2024)
• Trends in Bank Secrecy Act Data: Suspected Evasion of Russian Export Controls (Sept. 8, 2023)
• Business Email Compromise in the Real Estate Sector: Threat Pattern and Trend Information, January 2020 to December 2021 (Mar. 30, 2023)
• Trends in Bank Secrecy Act Data: Financial Activity by Russian Oligarchs in 2022 (Dec. 22, 2022)
• Report on Ransomware Trends in Bank Secrecy Act Data between July 2021-December 2021 (Nov. 1, 2022)
• Illicit Finance Threat Involving Wildlife Trafficking and Related Trends in Bank Secrecy Act Data (Dec. 20, 2021)
• Ransomware Trends in Bank Secrecy Act Data Between January 2021 and June 2021 (Oct. 15, 2021)

FinCEN Pilot Program on SAR Sharing (Sec. 6212)

• Arnold & Porter Advisory: What to Know About FinCEN’s Proposed Pilot Program on SAR Sharing (Feb. 8, 2022)
• Pilot Program on Sharing of Suspicious Activity Reports and Related Information with Foreign Branches, Subsidiaries, and Affiliates ANPRM (Jan. 25, 2021)

Financial Services De-Risking (Sec. 6215)

• The Department of the Treasury's De-Risking Strategy (Apr. 2023)

Review of Regulations and Guidance (Sec. 6216)

• FinCEN Request for Information and Comment (Dec. 15, 2021)

Assessment of FinCEN No-Action Letter Process (Sec. 6305)

• Arnold & Porter Advisory: FinCEN Requests Feedback on No-Action Letter Process (Jun. 6, 2022)
• FinCEN No-Action Letter Process ANPRM (Jun. 6, 2022)
• FinCEN Report to Congress on Assessment of No-Action Letters (Jun. 28, 2021)

Expansion of DOJ and Treasury Authority to Reach Account Records Maintained by Foreign Banks with US Correspondent Accounts (Sec. 6308)

• Arnold & Porter Advisory: NDAA Significantly Expands DOJ and Treasury Authority to Reach Account Records Maintained by Foreign Banks with US Correspondent Accounts (Jan. 4, 2021)

Beneficial Ownership and the Corporate Transparency Act (Sec. 6402–6403)

• Arnold & Porter Advisory: What Financial Institutions Should Know About FinCEN’s Final “Access Rule” (Jan. 3, 2024)
• Final Rule: Beneficial Ownership Information Access and Safeguards (Dec. 21, 2023)
• Final Rule: Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024 (Nov. 29, 2023)
• Final Rule: Use of FinCEN Identifiers for Reporting Beneficial Ownership Information of Entities (Nov. 8, 2023)
• Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024 NPRM (Sep. 27, 2023)
• Arnold & Porter Advisory: FinCEN Releases First Set of Guidance on the New Beneficial Ownership Information Reporting Requirements (Mar. 31, 2023)
• Arnold & Porter Advisory: FinCEN Issues Proposed Rule on Access to Beneficial Ownership Information (Dec. 21, 2022)
• Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities NPRM (Dec. 16, 2022)
• Arnold & Porter Blog: FinCEN's Final Rule on Beneficial Ownership Information Reporting Requirements Seeks to Maximize Transparency While Minimizing Burden (Sep. 30, 2022)
• Final Rule: Beneficial Ownership Information Reporting Requirements (Sep. 29, 2022)
• Arnold & Porter Advisory: What to Know About FinCEN's Proposed Rule to Implement the Beneficial Ownership Information Reporting Requirements of the Corporate Transparency Act (Dec. 9, 2021)
• Arnold & Porter Advisory: FinCEN Issues First ANPRM Seeking Comment on the Implementation of the New Beneficial Ownership Reporting Provisions of the Corporate Transparency Act (Apr. 9, 2021)
• Beneficial Ownership Information Reporting Requirements ANPRM (Apr. 5, 2021)

AML Whistleblower Protection and Incentives (Sec. 6314)

• Anti-Money Laundering Whistleblower Improvement Act (Dec. 2022)
• 5 Things to Know About the New AML Whistleblower Law (Feb. 18, 2022)
• AMLA and Whistleblowers: Considerations During the "Gray Period" (ABA Banking Journal) (Nov. 11, 2021)
• Key Considerations for Financial Institutions Subject to the New AML Whistleblower Law (Arnold & Porter Video) (Aug. 5, 2021)