Financial Crime World

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Anti-Money Laundering Laws by Country: United States

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The United States has implemented a robust anti-money laundering (AML) system, with varying levels of compliance across different aspects. According to the latest FATF report, the country has made significant progress in implementing technical requirements, with some areas still needing improvement.

Technical Compliance

The US has achieved a high level of compliance in several areas, including:

  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Regulation and supervision of financial institutions (R.26)

However, the country has some areas where it falls short, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Reporting of suspicious transactions (R.20)
  • Regulations and supervision of designated non-financial businesses and professions (DNFBPs) (R.28)

Effectiveness

The effectiveness of the US AML system is also assessed, with a focus on 11 immediate outcomes that represent key goals for an effective AML/CFT system. According to the report, the country has achieved a high level of effectiveness in several areas, including:

  • Financial intelligence units (R.29)
  • Responsibilities of law enforcement and investigative authorities (R.30)
  • Powers of law enforcement and investigative authorities (R.31)
  • Cash couriers (R.32)
  • Statistics (R.33)

However, there are still some areas where the country’s measures have a moderate or low level of effectiveness, including:

  • Assessing risk and applying a risk-based approach (IO1)
  • Customer due diligence (IO2)
  • Record keeping (IO3)
  • Reporting of suspicious transactions (IO4)