History of Anti-Money Laundering
1970 Bank Secrecy Act
Required banks to report cash transactions over $10,000 via the Currency
Transaction Report (CTR).
1986 Money Laundering Control Act
act of money laundering;
transactions to evade CTR filings;
and criminal forfeiture for BSA violations.
1988 Money Laundering Prosecution Improvement Act
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
1990 Bank Fraud Prosecution and Taxpayer Recovery
Act of 1990 (Crime Control Act)
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
laundering, or who has entered a pretrial diversion in connection
with such an offense.