Whistle in Confidence - US Anti-Money Laundering Act 2020

The US Anti-Money Laundering Act 2020 (AMLA) part of the National Defense Authorization Act (NDAA), passed on January 2, 2021, represents a historic overhaul of the Bank Secrecy Act (BSA). One of the most important changes - and certainly one that has attracted great attention by the media and commentators - is Section 6314 of the NDAA, entitled "Updating whistleblower incentives and protections." AMLA's expanded whistleblower provision is modelled after the Dodd-Frank Act's whistleblower provisions, and seeks to follow Dodd-Frank's footsteps. But there are some key differences between AMLA and Dodd-Frank. AMLA also creates a more limited whistleblower program specifically pertaining to foreign corruption.

Reprinted with permission from Money Laundering Bulletin, February / 2021

Read More

Copyright © 2021 by Ballard Spahr LLP.
www.ballardspahr.com
(No claim to original U.S. government material.)

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.