What is AMLA?
The Anti‑Money Laundering Act strengthens U.S. AML oversight under the BSA, promoting risk‑based programs, beneficial ownership transparency, technology‑enabled monitoring, and enhanced collaboration with regulators and law enforcement.
How AMLA is Applied
Implement a risk‑based AML program lifecycle with governance, onboarding, monitoring, reporting, and continuous improvement.
Who Needs AMLA Compliance
Financial institutions and covered entities adopt AMLA requirements to detect and report suspicious activity and prevent illicit finance.
Frequently Asked Questions
Quick answers to keep your AML program moving.
What is AMLA?
The Anti‑Money Laundering Act modernizes AML requirements under the Bank Secrecy Act (BSA), emphasizing risk‑based programs, beneficial ownership, technology adoption, and improved information sharing.
Who must comply with AMLA?
Financial institutions and covered entities, including banks, MSBs, payment processors, crypto VASPs, lenders, insurers, and certain fintech platforms, must implement AML programs proportionate to risk.
What are AML program pillars?
Common pillars include internal controls, designated compliance officer, training, independent testing, and customer due diligence (including beneficial ownership).
How do SARs work?
Institutions monitor and investigate activity; if suspicious, they file a SAR within required timeframes and retain records, avoiding tipping off involved parties.
How does AMLA relate to GDPR or SOC 2?
AMLA focuses on financial crime controls; GDPR governs privacy rights; SOC 2 attests to security controls. Programs often intersect in data handling, monitoring, and governance.
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