The history of anti-money laundering (AML) regulations began in 1970 with the creation of the Bank Secrecy Act (BSA). Its mission was to “safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering and other illicit activity.”
Since then, numerous laws have enhanced and amended the BSA to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering, including the Money Laundering Control Act (1986), the Money Laundering Suppression Act (1994) and the USA PATRIOT Act (2001), among others.
Each amendment and law adds a layer of complexity and burden to the compliance teams of regulated institutions. The complexity is aggravated by the number of different solutions that need to be managed and orchestrated to satisfy different aspects of these regulations.