Get help with all things AML

Money Laundering Regs or Money Laundering Regulations (MLR) are the rules, laws, and procedures in place to prevent money laundering in the US. Money laundering is the process by which criminals disguise illegally obtained funds as legitimate income by integrating illegal assets into the US economy, so it appears as though the money was earned legally.

The Bank Secrecy Act (BSA) is the US law that covers money laundering. It requires all financial institutions in the US to detect, deter, prevent, and disrupt money laundering activity and terrorist financing networks. Under the BSA, every financial institution must have a written, board-approved AML program. 

This means all banks, savings associations credit unions and thrifts – as well as non-bank financial institutions - securities dealers and money services businesses – must perform KYC and anti-money laundering checks, keep records of those checks and alert authorities of anything suspicious, to maintain a compliant position.