Ep:5 Money Laundering Suppression Act and Money Laundering and Financial Crimes Strategy Act

This episode provide a high level overview of the provision of both Money Laundering Suppression Act and Money Laundering and Financial Crimes Strategy Act. The Money Laundering Suppression Act Required banking agencies to review and enhance training, and develop anti-money laundering examination procedures Required banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agencies Streamlined CTR exemption process Required each Money Services Business (MSB) to be registered by an owner or controlling person of the MSB Required every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSB Made operating an unregistered MSB a federal crime Recommended that states adopt uniform laws applicable to MSBs. The second Act, Required banking agencies to develop anti-money laundering training for examiners Required the Department of the Treasury and other agencies to develop a National Money Laundering Strategy Created the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.

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