Ep:4 History of AML Laws: Anti Drug Abuse Act and Annunzio Wylie Anti Money Laundering Act.

This Episode covers two other important AML Acts. The Anti-Drug Abuse Act of 1988 which Expanded the definition of financial institution to include businesses such as car dealers and real estate closing personnel and required them to file reports on large currency transactions Required the verification of identity of purchasers of monetary instruments over $3,000. The Annunzio-Wylie Anti-Money Laundering Act (1992) * Strengthened the sanctions for BSA violations * Required Suspicious Activity Reports and eliminated previously used Criminal Referral Forms * Required verification and recordkeeping for wire transfers * Established the Bank Secrecy Act Advisory Group (BSAAG The Act increased penalties for financial entities found guilty of money laundering and encouraged oversight agencies to consider revoking the charters of any financial institution involved in money laundering.

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