Money Laundering & Terrorism Financing Screening Requirements

The Bank Secrecy Act (BSA) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. This includes identifying and investigating customers during onboarding and taking a risk-based approach to monitoring and periodic review of customers’ money laundering risk. The BSA has been amended several times including:

  • Money Laundering Act of 1986 – which makes money laundering a federal crime.
  • Title III of the USA Patriot Act of 2001 – which adds policies and procedures to detect and prevent international money laundering and the financing of terrorism. The act also expanded the list of specified unlawful activities that are predicate offences for money laundering to include the financing of terroristic activities and proceeds of bribery.


Compliance Made Easy

Alacra Compliance Enterprise follows BSA guidelines and enables banks to simplify and streamline customer investigations for money laundering and terrorism financing risks. Learn more

Alacra Surveillance further provides a risk-based approach to monitoring those risks. Learn more