On December 11, 2020, the Senate passed the Anti-Money Laundering Act of 2020 (“AMLA” or the “Act”) – DIVISION F of the National Defense Authorization Act for the fiscal year 2021 (the “NDAA”). The House of Representatives had previously passed the measure on December 8, 2020.
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Money laundering issues have haunted many over the years. To promote greater transparency, the U.S. Senate has approved legislation requiring companies in the U.S. to register their true owners. This change would help combat money laundering and the financing of terrorism.
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The Securities and Exchange Commission (“SEC”) entered an “Order” on September 23, 2020, against JonesTrading Institutional Services LLC (“firm”), a broker-dealer located in California, for failing to retain text messages relating to the firm’s business. The SEC fined JonesTrading $100,000. Read more!
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