Financial Crime World

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Comprehensive Guide to Anti-Money Laundering (AML) and Financial Record-Keeping Regulations

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This document provides a detailed list of key regulations, laws, and best practices that banks must comply with to maintain effective AML and financial record-keeping measures.

Federal Laws Applicable to Banks

The following is a list of U.S. Federal laws applicable to banks:

  • Americans with Disabilities Act (ADA)
  • Bank Service Company Act
  • Community Reinvestment Act
  • Consumer Financial Protection Act
  • Credit Card Accountability Responsibility and Disclosure Act
  • Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Electronic Fund Transfer Act (Reg E)
  • Equal Credit Opportunity Act (Reg B)
  • Expedited Funds Availability Act (Reg CC)
  • Fair and Accurate Credit Transactions Act
  • Fair Credit Reporting Act (Reg V)
  • Fair Debt Collection Practices Act
  • Federal Reserve Act
  • Flood Disaster Protection Act
  • Garnishment Rule
  • Home Mortgage Disclosure Act (Reg C)
  • Homeowners’ Loan Act
  • Military Lending Act
  • NACHA International ACH Transaction Rule
  • Real Estate Settlement Procedures Act
  • Right to Financial Privacy Act
  • Servicemembers Civil Relief Act
  • Telephone Consumer Protections Act
  • Truth in Lending Act (Reg Z)
  • Truth in Savings Act (Reg DD)
  • Unlawful Internet Gambling Act (Reg GG)

Cybersecurity and Financial Record-Keeping Regulations

The following is a list of key regulations that banks must comply with for cybersecurity and financial record-keeping:

  1. Gramm-Leach Bliley Act (Reg P): Requires that banks covered by this Act tell their customers about their privacy practices and explain to them their right to opt out if they don’t want their information shared with third parties.
  2. Sarbanes-Oxley Act (SOX): Imposes stringent record-keeping requirements for public companies related to the secure storage and management of certain electronic financial records, including the monitoring, logging, and auditing of certain activities.
  3. Payment Card Industry Data Security Standard (PCI DSS): Requires that banks limit cardholder information and data access to as few employees as possible and implement administrative controls that track account activity.
  4. EU-General Data Protection Regulation (GDPR): Applies to all enterprises that process data about EU individuals, whether manually or through automated processes.

Importance of Compliance

The increasing frequency and sophistication of financial crimes and cybercrimes have intensified regulatory scrutiny. Compliance must be a top priority for banks and institutions involved in the movement of funds and personal information to avoid breaches. A regulatory compliance checklist can serve as a practical tool for navigating compliance priorities and ensuring compliance program adequacy when used flexibly and as part of a holistic approach to compliance.