The main headline about the Anti-Money Laundering Act of 2020 (AML Act) has been that the United States finally moved to address a long-standing gap in its anti-money laundering regime by establishing a national registry of beneficial owners. Not reading beyond that headline, however, would be a mistake because the AML Act includes many other provisions that, taken collectively, could reshape the future of AML compliance in the United States.

This article summarizes many key provisions from the AML Act that should be top of mind for management and compliance professionals.