Compliance Accelerated

The 50-Year Evolution of AML Laws That Shaped Modern US Financial Compliance


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The podcast 'Compliance Accelerated' by Parcha AI, hosted by AI personas Alice and Bob, explores five decades of Anti-Money Laundering (AML) legislation. Beginning with the Bank Secrecy Act (BSA) of 1970, which introduced the Currency Transaction Report (CTR) to monitor large cash movements, it tracks the evolution through the Money Laundering Control Act (MLCA) of 1986, making money laundering a federal crime and introducing strict penalties. The podcast also discusses the impact of the 9/11 attacks leading to the USA Patriot Act of 2001, which emphasized 'Know Your Customer' (KYC) protocols. The rise of fintech and cryptocurrency posed new challenges, addressed by the FinCEN Customer Due Diligence (CDD) Rule in 2016 and culminating in the Anti Money Laundering Act of 2020 (AMLA), which created a centralized beneficial ownership registry and brought cryptocurrency companies under AML regulation. The episode highlights how technology, especially AI, plays a critical role in modern AML compliance and the evolving role of compliance professionals in this high-stakes, data-driven environment.

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Compliance AcceleratedBy Parcha.com