The Anti-Money Laundering Act of 2020

On January 7, 2021, Cravath prepared for its clients a memo entitled “The Anti‑Money Laundering Act of 2020,” which reviews significant updates to anti‑money laundering laws outlined in the Anti‑Money Laundering Act of 2020 (the “Act”), which became law as part of the National Defense Authorization Act. The legislation introduces reforms to the Bank Secrecy Act and other anti‑money laundering laws, including increased penalties and enforcement, additional protections and incentives for whistleblowers, and expanded mechanisms for international information sharing and coordination. The memo also outlines a provision included in the Act which provides authority to the U.S. Securities and Exchange Commission to seek disgorgement in civil enforcement actions in federal court.

Please click here to read the memo.