Ep:4 History of AML Laws: Anti Drug Abuse Act and Annunzio Wylie Anti Money Laundering Act.

12/27/22 • 4 min

This Episode covers two other important AML Acts. The Anti-Drug Abuse Act of 1988 which 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 Required the verification of identity of purchasers of monetary instruments over $3,000. The Annunzio-Wylie Anti-Money Laundering Act (1992) * Strengthened the sanctions for BSA violations * Required Suspicious Activity Reports and eliminated previously used Criminal Referral Forms * Required verification and recordkeeping for wire transfers * Established the Bank Secrecy Act Advisory Group (BSAAG The Act increased penalties for financial entities found guilty of money laundering and encouraged oversight agencies to consider revoking the charters of any financial institution involved in money laundering.

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Ep:3 How to set and achieve your career goals for 2023.

A new year is upon us, which means it's officially goal-setting season. I hope 2023 become a successful year for many of us. It is that time of the year when most of us sit and think about where we would like to be, and who do we want to become. Not having clear goals wont help us achieve anything. If you are interested in learning more about Financial Crime Compliance, AML, KYC, and Regulatory Compliance, take this as an invitation to follow me and join me as One of my 2023 goals is to share my knowledge and experience over here in this Channel. Together we will both achieve the desired milestones in 2023.

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Ep:5 Money Laundering Suppression Act and Money Laundering and Financial Crimes Strategy Act

This episode provide a high level overview of the provision of both Money Laundering Suppression Act and Money Laundering and Financial Crimes Strategy Act. The Money Laundering Suppression Act Required banking agencies to review and enhance training, and develop anti-money laundering examination procedures Required banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agencies Streamlined CTR exemption process Required each Money Services Business (MSB) to be registered by an owner or controlling person of the MSB Required every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSB Made operating an unregistered MSB a federal crime Recommended that states adopt uniform laws applicable to MSBs. The second Act, Required banking agencies to develop anti-money laundering training for examiners Required the Department of the Treasury and other agencies to develop a National Money Laundering Strategy Created the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.