Congress has ordered a reassessment of the Bank Secrecy Act anti-money laundering (AML) program as part of the National Defense Authorization Act (NDAA) for Fiscal Year 2021 (H.R.6395).
The bill includes a “formal review” of BSA rules regarding the filing of suspicious activity reports (SARs) by financial institutions. Also included are separate AML provisions that pull back the veil on anonymous shell corporations and establish a BSA whistleblower program with financial rewards for tipsters whose information leads to a conviction.
