Anti-Money Laundering Act of 2020
Breaking Down Division F – AML of the National Defense Authorization Act for Fiscal Year 2021
The Anti-Money Laundering Act of 2020 (AMLA) officially became law as part of the National Defense Authorization Act (NDAA) that was passed by the U.S. Congress with a veto-proof majority on January 1, 2021. AMLA is the most significant update to anti-money laundering and counter-terrorist financing legislations since the enactment of the USA Patriot Act in 2001.
AMLA was created for the following purposes: