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Anti-Money Laundering (AML) Requirements and Enforcement in the United States

Summary of Key Points

The following summary highlights the key points discussed in relation to AML requirements and enforcement in the United States.

1. Primary Federal Law for AML Program Requirements

• The Bank Secrecy Act (BSA) is the primary federal law requiring AML Programme requirements for certain financial institutions.

2. Recordkeeping, Identification, and Reporting Requirements

• There are recordkeeping, identification, and reporting requirements under the BSA regulations for banks, broker-dealers, casinos, card clubs, and other businesses subject to BSA Programme requirements.
• These requirements aim to prevent money laundering and ensure that financial institutions maintain accurate records of their transactions.

3. Examination Authority for Financial Institutions

• The Financial Crimes Enforcement Network (FinCEN) does not have examination staff but has delegated authority to the federal functional regulators for examinations of financial institutions for which they are responsible.
• The federal functional regulators include:
  • Office of the Comptroller of the Currency
  • Federal Reserve
  • Federal Deposit Insurance Corporation
  • National Credit Union Administration
  • Securities and Exchange Commission
  • Commodities Futures Trading Commission

4. Examination Authority for Other Financial Institutions and Businesses

• Examination authority has been delegated to the Internal Revenue Service (IRS) for all other financial institutions and businesses subject to AML Programme requirements.
• The IRS Manual provides information on Bank Secrecy Act examination techniques for sectors for which the IRS has examination responsibility.

Further Clarification or Expansion

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