Summary of Anti-Money Laundering Legislation
In 1970 the Bank Secrecy Act (BSA) was designed to fight drug trafficking, money laundering and other crimes. Congress enacted the BSA to help prevent banks and other financial service providers from being used as intermediaries for, or being used to hide the transfer or deposit of money derived from, criminal activity.

The Money Laundering Control Act of 1986 amended the BSA to enhance its effectiveness and to strengthen the government's ability to fight money laundering by making it a federal crime and by structuring transactions to avoid BSA reporting requirements a criminal offense.

The USA PATRIOT Act of 2001 evolved as a response by the U.S. government to combat international terrorism. The act contained strong measures to prevent, detect, and prosecute terrorism and international money laundering. Signed into law on October 26, 2001, the act establishes new rules and responsibilities affecting U.S. banking organizations, other financial institutions and non-financial commercial businesses.