Anti-Money Laundering Act of 2020

The Anti-Money Laundering Act of 2020 aims to strengthen U.S. efforts to combat money laundering and terrorist financing. It expands the responsibilities of financial institutions to report suspicious activities and enhances regulations on cryptocurrency transactions. The law also improves information sharing among government agencies and financial institutions to detect and prevent illicit financial activities. Additionally, it establishes stricter guidelines for real estate transactions and increases penalties for violations, all in an effort to create a more transparent financial system and safeguard against criminal activities.