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 Money Laundering Control Act of 1986 is a United States Act of Congress that made money laundering a Federal crime.
A relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services.