Bank Secrecy Act, USA PATRIOT Act, AMLA, OFAC, and other Anti-money Laundering / Anti-terrorism Regulations

Financial institutions operating in the United States are subject to an array of anti-money laundering (AML) laws and regulations broadly designed to strengthen anti-money laundering tools and deter terrorist financing and criminal activities. This practice note provides an overview of key AML laws and regulations that financial institutions, including insured depository institutions (IDIs) and non-banks that qualify as money services businesses (collectively, institutions), must comply with, as well as the anti-terrorism activities and the measures that an institution must undertake when such activities are suspected. 31 U.S.C. § 5312(a)(2); 31 C.F.R. § 1010.100(t). This practice note also explores AML requirements under the Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering Act of 2020 (AMLA), and Office of Foreign Asset Controls (OFAC) economic and trade sanctions rules and regulations.