AML Act of 2020: Advancing financial crime management

As the industry leader in financial crime management solutions, Verafin is used by nearly 100 Texas banks to fight financial crime and maintain compliance. Since our beginning in 2003, there have been numerous industry milestones — and none more significant than the AML Act of 2020 (AMLA). 

A response to growing calls to improve Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws in the United States, the act may usher in the most profound changes to the BSA/AML regime since the USA PATRIOT Act.

Purpose of the AMLA

The AMLA aims to modernize AML/CFT laws and pivot America from a U.S.-focused regulation and compliance regime to a global, public-private partnership focused on fighting all financial crimes. The act signals a new era in the evolution of the BSA/AML regime, with items to improve industry coordination, promote SAR reform and encourage adoption of new technology, among others.

New era of AML/CFT

As rules and obligations are established under the act, banks will experience a renewed phase of AML/CFT transformation. Importantly, the act will contribute to SAR reform with provisions to streamline and automate aspects of suspicious activity reporting and mandate feedback on SAR utility. The AMLA also prioritizes information sharing, strengthening this crucial approach to fighting financial crime.

Adapting to change

As the changes enacted by the AMLA are implemented and criminals continuously evolve to evade detection, banks should consider the role of a robust financial crime management platform in adapting to this change.

Verafin, an endorsed partner of the Texas Bankers Association, is proud to provide Texas banks with industry-leading financial crime management solutions for fraud detection and management, BSA/AML compliance and management, high-risk customer management and information sharing.

Les McFadden
[email protected]
709-769-1645
verafin.com