The Financial Crimes Enforcement Network (“FinCEN”) recently complied with two important deadlines under the Anti-Money Laundering Act (“AML Act”) — issuing national priorities for AML and countering the financing of terrorism (“CFT”), and issuing an assessment on potential “no-action” letters. Both of these publications were due on June 30, 2021. This development prompted us to consider everything else that FinCEN and other agencies have to do under the AML Act by January 1, 2022. It’s a lot — the requirements affect a very broad swath of issues and industries. Certain agencies will be pushed to their capacity to comply meaningfully. The latter half of 2021 will involve a flurry of activity under the AML Act, which in turn will produce another flurry of activity.
Specifically, the AML Act requires various components of the U.S. government to issue proposed and final regulations, and to conduct studies and reports for consideration by Congress, by January 1, 2022. Generally, the Secretary of the Treasury – often, acting through the Financial Crimes Enforcement Network – is the agency tasked with these duties. But these duties also can extend to the Federal functional regulators, the Attorney General, the Government Accountability Office, the Office of Management and Budget, and certain national security agencies – sometimes in consultation with relevant State financial regulators.
Given all of the upcoming deadlines, we thought that a high-level compendium would be useful. Accordingly, the key outcomes which the AML Act requires to be completed between December 27, 2021 and January 1, 2022, without reference to the responsible agencies, are set forth below. For your convenience, we provide a PDF setting forth these deadlines here, for you to save, print, and/or distribute.
The Act imposes other deadlines as well, but we focus here “only” on those coming to fruition by January 1 of next year. Of course, in order for any final regulations to be issued by the deadlines, proposed regulations must be issued earlier in 2021.