The U.S. Congress passed the Back Secrecy Act (BSA) in 1970. It is also referred to as the anti-money laundering law.
USA Patriot Act
President George W. Bush signed the U.S.A. Patriot Act into law on October 26, 2001. It expanded the application of the BSA to MSB’s and their agents.
Developing an Anti-Money Laundering Program
Learn the requirements for your program. Carefully read the Agent’s AML Compliance Guide to learn what must be in your written AML Program. To create an AML Program customized to your business, download the Anti-Money Laundering Manual.
Some money services business must register with the U.S. Department of Treasury. Find out if your business must register.
Reports and Record Keeping
Agents are required to report suspicious activity.