Happy Birthday, Anti Money Laundering!
Where did the time go? This year, anti-money laundering (AML) regulations will celebrate their 44th birthday and yet most of us think of AML as coming of age as a result of 9/11. In truth, AML regulations had their birth as part of the Currency and Foreign Transactions Recording Act (more commonly known as the Bank Secrecy Act), which Congress passed in 1970 to track the millions of dollars being laundered through U.S. banks.
Specifically, it required financial institutions to keep records of any cash transactions exceeding $10,000 and to report suspicious financial activities.
It’s unclear who coined the phrase, “anti-money laundering,” but it was sometime after the passage of the Bank Secrecy Act. It was accepted financial industry jargon by the time the USA Patriot Act was enacted in 2001, a law that expanded the power of the Secretary of the Treasury to monitor financial transactions, especially money laundering.
U.S. money laundering itself dates back to the early 1920s, when organized crime was common place and the gangs were earning huge sums of cash from illegal gambling, bootleg liquor and other underground activities. They needed a way to legitimately explain these funds, and came up with the brilliant idea of purchasing laundromats. Laundromats were a cash-only business—but over time, even the laundromats couldn’t explain just how they were as profitable as they had become.
Meyer Lansky, one of Al Capone’s contemporaries, ultimately became the Father of Money Laundering. He was determined to avoid Capone’s fate (a conviction in 1931 for tax evasion) and was the one responsible for figuring out how to use the Swiss banking system to hide his growing cash reserves. He developed the first real laundering technique, which placed illegally-received money into the Swiss bank and then loaned it back to other foreign banks, thus making it legitimate.
But the term “money laundering” really didn’t appear until 1973, when reporters began using it to reference the Watergate scandal. And oddly, it didn’t appear in a judicial or legal context until 1982 even though it was recognized as an illegal activity by the Bank Secrecy Act.
Want to learn more? Alacer’s AML experts will be attending the 19th Annual AML & Financial Crimes Conference, being held March 16-19 at the Westin Diplomat in Hollywood, FL. Send an email to me at Richard@alacergroup.com to arrange a chat.
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10 Replies to “Happy Birthday, Anti Money Laundering!”
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