Jumio BrandVoice: The Bank Secrecy Act: Five Decades Of Fighting Financial Crime

The ’70s: Organized Crime

In 1970, AML efforts were primarily aimed at stopping organized crime by preventing them from depositing large quantities of cash without it being reported to the government. To address this problem, the BSA required banks to report cash transactions over $10,000 using the Currency Transaction Report . It also required banks to properly identify persons conducting transactions and to maintain a paper trail by keeping records of financial transactions.

There were three new acts passed in the ’90s that expanded the BSA. These acts established the Suspicious Activity Report , strengthened identity verification and record-keeping requirements, targeted money service businesses specifically, and even required the U.S. government itself to create a National Money Laundering strategy.In the new millennium, the U.S.

The USA PATRIOT Act vastly expanded the scope of AML and took aim at businesses that transact with foreign companies and individuals. , including watchlist and sanctions screening, became the important new focus of AML compliance programs.Since 9/11, FinCEN has continued to strengthen and expand AML laws, such as requiring reporting by jewelers, casinos, broker-dealers and insurance companies. It has also drastically increased fines; in 2014, for example, BNP Paribas was assessed an $8.9penalty. FinCEN has grown to about 300 employees and collaborates with countries around the globe to stop money laundering.

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