AML timeline \ stacker news ~conspiracy

The key milestones in the development of anti-money laundering (AML) regulations in the United States include:

1970: The Bank Secrecy Act (BSA) was passed, requiring financial institutions to keep records and report cash transactions exceeding $10,000[1][2].
1986: The Money Laundering Control Act criminalized money laundering as a federal offense in the US[1].
1990: The Financial Crimes Enforcement Network (FinCEN) was created to support law enforcement by analyzing BSA information[1].
2001: The USA PATRIOT Act strengthened BSA reporting requirements and mandated financial institutions to implement AML compliance programs[1].
2018: FinCEN's Customer Due Diligence (CDD) Rule went into effect, requiring covered financial institutions to identify and verify beneficial owners of their legal entity customers[1].
2021: The Anti-Money Laundering Act (AMLA) was passed, establishing a beneficial ownership reporting regime and modernizing AML/CFT systems[1][3].
2024: FinCEN's Beneficial Ownership Information (BOI) Reporting Rule became operative, requiring reporting companies to submit beneficial owner information[3].

These regulations have evolved over time to address emerging money laundering threats, such as the use of shell companies and cryptocurrencies. The US government has also prioritized national security and sanctions enforcement in recent years as part of its AML efforts[3][4].

Sources [1] A Timeline of BSA/AML Regulations https://alessa.com/blog/bsa-aml-regulations-timeline/ [2] What are the Key AML Laws in the US? [Business Guide] - iDenfy https://www.idenfy.com/blog/aml-laws-us-guide/ [3] Top 12 Developments in Anti-Money Laundering Enforcement in 2023 https://www.gibsondunn.com/top-12-developments-in-anti-money-laundering-enforcement-in-2023/ [4] US AML Regulation Changes 2023: Key Takeaways for Compliance ... https://ripjar.com/blog/us-aml-regulation-changes-2023-key-takeaways-for-compliance-professionals/ [5] AML & KYC: What You Need to Know - Carta https://carta.com/learn/private-funds/regulations/aml-kyc/