Why U.S. Law Firms Should Start Preparing for Money Laundering Regulation
A sweeping bill has been gaining momentum in Congress that would draw legal-service providers into the country's AML regulatory framework.
September 16, 2022 at 12:14 PM
6 minute read
Information Governance and Compliance
So far, law firms in the United States have not been subjected to federal regulations around anti-money laundering (AML). But their freedom from oversight may be running out. A sweeping bill has been gaining momentum in Congress that would draw legal-service providers into the country's AML regulatory framework.
Under the bill, known as the ENABLER'S Act, lawyers as "gatekeepers" would be responsible for detecting and preventing the laundering of corrupt and other criminal funds into the United States. In July, the House of Representatives approved amendments to the legislation, which would define legal-service providers as a "financial institution" under the Bank Secrecy Act with AML duties.
Scrutiny on gatekeepers
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