The Evolution of the Threat of Money Laundering and Anti-Money Laundering Legislation

Understand the threat of the money laundering environment and the evolution of AML laws.

Any crime with a for-profit motive involves money laundering. It is estimated that between $800 billion and $2 trillion is laundered around the world on an annual basis. Crime and money laundering continuously evolve and have many touchpoints with financial institutions. To counter the emerging threats, most countries enacted robust anti-money laundering (AML) requirements. In the United States, we enacted the Bank Secrecy Act (BSA) in 1970. Over time, the BSA has been amended and updated numerous times to better address the threat environment. The most notable updates to the BSA were the passage of the USA PATRIOT Act in 2001 and the Anti-Money Laundering Act of 2020.

This compelling session will address the evolution of the threat environment and the evolution of AML laws from the inception of the BSA, through the USA PATRIOT Act, to the AML Act of 2020. It will also discuss the impact and consequences for financial institutions, law enforcement, and the bad actors who commit crimes and launder illicit proceeds.