AML regulations have been changing rapidly in recent years, both in-depth and breadth. The AML 2020 Act, for example, includes the most sweeping changes in AML laws since The Patriot Act was passed in the wake of 9/11 in 2001. Among other changes, the new act focuses on:
- Eliminating anonymous holding companies
- Expanding its definitions to include antiquities traders and virtual currencies
This means companies are required to know exactly who their customers are, and businesses that facilitate the transfer of virtual currencies are under greater scrutiny.
To learn more about AML compliance, check out our website. It will walk you through the best practices you need to help keep bad actors away from your business.
