Predict360 Compliance Management System
The U.S. Treasury has recently added 6 more names to its list of sanctioned entities, all of them affiliated with the Rawi Network and known to launder money for ISIS. This action further highlights the crucial role AML compliance plays in the anti-terrorism efforts around the world. This is also why AML/BSA compliance has increased in importance exponentially in the past few decades. When we look at why these laws were created and how their role has changed over the past few years it is easy to understand why the government is so adamant at enforcing AML/BSA laws and regulations.
Why AML Laws were created
AML/BSA regulations were created with very different goals in mind. The first AML/BSA law was created in 1986 (PDF link) and was created specifically to curb the drugs that were pouring in from across the world into the country. The laws were very successful, and more BSA/AML related legislation was […]