Business Commons^™

Money Laundering In The United States: A Review Of Current Regulations And Threats, Grace Hutchinson

Senior Honors Theses

Money laundering is the act of hiding illegally obtained money in the financial system. There are three stages of money laundering: placing, layering, and integration. In the United States, the Bank Secrecy Act, monitored by the Financial Crimes Enforcement Network (FinCEN), requires companies to establish an anti-money laundering (AML) compliance program and to exercise customer due diligence as preventative measures. The US government can detect money laundering through Suspicious Activity Reports, Currency Transaction Reports, and whistleblower tips. However, AML threats and vulnerabilities such as Professional Money Launderers, cryptocurrency, and the global art market allow criminals to continue to launder money …