The June 2023 report reviews the slow progress of the U.S. Anti-Money Laundering Act of 2020, intended to modernize the Bank Secrecy Act and create a national beneficial ownership database under the Corporate Transparency Act. While national priorities and threat trend communications began in 2021 to aid risk-based programs, proposed regulatory updates have stalled, including a SAR-sharing pilot with foreign affiliates. The beneficial ownership reporting rule, effective January 1, 2024, marks progress, but congressional reprimands highlight delays in achieving full implementation.

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