International Comparative Legal Guide 2020: International Comparative Legal Guide - Anti-Money Laundering 3

We hope that you will find this third edition of International Comparative Legal Guide - Anti-Money Laundering useful and informative. This has been an active year in anti-money laundering ("AML") enforcement and compliance. There have been a number of high-profile money laundering prosecutions, investigations, and administrative enforcement actions. We have seen the implementation of the EU Fifth Anti-Money Laundering Directive. Groups such as the FATF, Wolfsberg, and the Basel Committee have been active in studying issues and updating guidance. Around the world, governments are grappling with how to apply AML controls to the digital currency industry. Nevertheless, the money laundering problem persists and sustains a wide range of criminal activity from drug trafficking, terrorism, fraud, and human trafficking, to nuclear proliferation. In the United States, the focus has been on modernization, including how to apply the technologies of today, such as artificial intelligence and machine learning, to AML compliance. There is an ongoing assessment by the government, financial industry, and Congress on how to make the U.S. AML regime more efficient and effective and how better to promote the public and private exchange of information. Legislation is pending in Congress that may result, after years of attempts, in the establishment of a national corporate registry with beneficial ownership information for corporations and limited liability companies. Congress and financial institutions continue to seek a solution to address the inconsistency between state and federal laws on marijuana. AML controls must be continually re-evaluated to address evolving risk. Failure to implement effective measures can have serious legal and reputational consequences for financial institutions and other businesses and their employees and immeasurable costs for the safety and well-being of society. Gibson, Dunn & Crutcher LLP is honored to join a group of distinguished colleagues to present several articles that we hope you will find of interest on AML topics. Global Legal Group also has included chapters written by select law firms in 26 countries discussing the local AML legal and regulatory/administrative requirements and enforcement requirements. Gibson Dunn is pleased to present the chapter on the U.S. AML regime. As with all ICLG guides, this guide is organized to help the reader understand the AML landscape globally and in specific countries. Global Legal Group, the editors, and the contributors intend this guide to be a reliable first source when approaching AML requirements and considerations. We encourage you to reach out to the contributors if we can be of further assistance.