The Anti-Money Laundering Act (AMLA), enacted in 2020, is a significant reform to the United States anti-money laundering laws. As part of the National Defense Authorization Act (NDAA), AMLA strengthens the regulatory framework aimed at preventing illicit financial activities, such as money laundering, terrorist financing, and other financial crimes. 

In the field of financial crime compliance, AMLA introduces stricter reporting and compliance requirements for financial institutions. One of its key provisions is the establishment of a beneficial ownership registry, requiring companies to disclose their true owners, making it harder for criminals to hide behind shell companies. Additionally, the law enhances cooperation between financial institutions, regulators, and law enforcement agencies, encouraging the use of modern technologies for more effective detection of suspicious activities. For businesses, AMLA mandates greater due diligence, governance, and risk management practices, ensuring comprehensive compliance with evolving AML standards. 

In the European Union, efforts to strengthen AML enforcement have led to the creation of a centralised Anti-Money Laundering Authority (AMLA), recently established in Frankfurt. This new authority aims to enhance cross-border cooperation, ensure consistent enforcement across member states, and oversee high-risk financial entities. Its formation reflects the EU’s commitment to tightening controls against money laundering and sanctions evasion, addressing regulatory gaps, and improving financial crime compliance across the region. The authority will play a crucial role in harmonising AML efforts and reinforcing financial transparency in Europe.