Anti Money Laundering (AML)
The Patriot Act, which amends the Bank Secrecy Act (BSA), was adopted in response to the September 11, 2001 terrorist attacks. The Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities. An AML Program must be in writing and must include:
The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business. A key list to be scanned...
The Bureau of Industry and Security (BIS) of the U.S. Department of Commerce is responsible for the regulation of exports for national security, foreign policy, and nonproliferation reasons, as well as the enforcement of those...