1970
Bank Secrecy Act
-
Required banks to report cash
transactions over $10,000 via the
Currency Transaction Report CTR
1986
Money Laundering Control Act
-
Criminalized the act of money
laundering;
-
Prohibited structuring transactions to evade
CTR filings;
-
Introduced civil and criminal forfeiture
for BSA violations
1988
Money Laundering Prosecution Improvement Act
-
Expanded the definition of financial institution
to include businesses such as car dealers
and real estate closing personnel and required
them to file reports on large currency transactions;
and
-
Required the verification of identity of
purchasers of monetary instruments over
$3,000
1990
Bank Fraud Prosecution and Taxpayer Recovery Act
of 1990 Crime Control Act
SEC_CODE_REF_0090001192884
-
Updated the FDIC Statement of Policy issued
pursuant to Section 19 of the Federal Deposit
Insurance Act that prohibits, without the
prior written consent of the FDIC, any person
from participating in banking who has been
convicted of a crime of dishonesty or breach
of trust or money laundering, or who has
entered a pretrial diversion in connection
with such an offense
1992
Annunzio-Wylie Money Laundering
Suppression Act
-
Added Sections 18(w) to FDI Act which provides
for the revocation of federal deposit insurance
of institutions convicted of certain money
laundering crimes;
-
Required Suspicious Activity Reports and
eliminated criminal referrals; and
-
Required Verification and recordkeeping
for wire transfers
1994
Money Laundering Suppression Act
-
Required banking agencies to develop anti-money
laundering examination procedures; and
-
Streamlined CTR exemption process
1998
Money Laundering and Financial Crimes
Strategy Act
-
Required banking agencies to develop anti-money
laundering training for examiners;
-
Required Treasury and other agencies to
develop a National Money Laundering Strategy;
and
-
Created the High Intensity Money
Laundering and Related Financial Crime
Area HIFCA
Task Forces
2001
- Uniting and strengthening America by
providing appropriate tools to restrict,
intercept and obstruct terrorism act
USA PATRIOT Act
-
Required government-institution information
sharing and voluntary information among
financial institutions;
-
Required verification of customer identity
program;
-
Required enhanced due diligence programs,
and
-
Required anti-money laundering programs
across the financial services industry
