As we find ourselves past the halfway mark in one of the most unprecedented years in history (on a global scale), 2020 is proving to be a significant one for the advancement of AML enforcement and regulatory objectives here in the United States; befitting as the 50th anniversary of the Bank Secrecy Act (arguably the first major U.S. AML law) approaches in October.

A timeline of noteworthy milestones the have happened or are happening in 2020:

  • February:  U.S. Dept. of the Treasury released the 2020 National Strategy for Combatting Terrorist and Other Illicit Financing.  Major aims are to (1) increase the transparency and closing of gaps in the legal framework, (2) improving the effectiveness and efficiency of the regulatory & supervisory frameworks and (3) enhancing operational capabilities and modernization
  • April: The FFIEC published updates to its Bank Secrecy Act/Anti-Money Laundering examination manual.  Major updates underscore the importance of transparency in the regulatory process and doubling down on the need to apply a risk-based approach.
  • June: The FATF held their first ever summer plenary to discuss the implementation of Travel Rule as it relates to digital / virtual assets.
  • December: While not directly related to the U.S., the EU's 6th Anti-Money Laundering Directive (6AMLD) is set to be introduced. 5AMLD just took effect earlier this year in January. 

The linked article expands upon many of the major developments so far this year in the world of U.S. AML regulation & enforcement - a recommended read if you are just catching up on some of these topics (or if you've just been stuck under a rock - (or rather, a pandemic).