America new law of money laundering 2019
In 2019, the United States passed several laws and regulations aimed at combating money laundering and other financial crimes. Here are some key developments:
- Anti-Money Laundering Act of 2019: This law amended the Bank Secrecy Act (BSA) and the USA PATRIOT Act to strengthen anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The law:
- Requires financial institutions to report suspicious transactions involving cryptocurrencies.
- Enhances customer due diligence requirements for financial institutions.
- Increases penalties for AML/CFT violations.
- FinCEN's Final Rule on Customer Due Diligence: The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, issued a final rule requiring financial institutions to conduct customer due diligence (CDD) on all new customers, including individuals and businesses. The rule:
- Requires financial institutions to identify and verify the identity of customers.
- Requires financial institutions to conduct ongoing monitoring of customer relationships.
- FinCEN's Geographic Targeting Orders (GTOs): FinCEN issued several GTOs in 2019, which require certain businesses to report information about cash transactions exceeding $3,000 or more in certain geographic areas. The GTOs are aimed at combating money laundering and terrorist financing in specific regions.
- The Corporate Transparency Act: This law requires companies to disclose their beneficial ownership information to the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The law aims to prevent the misuse of shell companies and other corporate structures for money laundering and other financial crimes.
- The Secure and Fair Enforcement (SAFE) Banking Act: This law aims to provide a safe harbor for financial institutions to provide services to cannabis businesses, which are currently illegal under federal law. The law:
- Allows financial institutions to provide services to cannabis businesses without fear of prosecution.
- Requires cannabis businesses to comply with AML/CFT regulations.
These laws and regulations demonstrate the US government's continued efforts to combat money laundering and other financial crimes, and to ensure the integrity of the financial system.