Publication Date
4-2024
School
School of Business
Major
Accounting; Business: Economics; Business: Finance
Keywords
Money Laundering, Anti-Money Laundering, United States of America, United States, Financial Crimes Enforcement Network, FinCEN, Financial Action Task Force, FATF, Bank Secrecy Act, BSA, Suspicious Activity Reports, SAR, Whistleblowers, Professional Money Laundering, corruption, art market, Freeport, professional services, Trade-Based Money Laundering, Casinos, Gambling, Prevention, Detection, Bedford's Law, AML
Disciplines
Accounting
Recommended Citation
Hutchinson, Grace, "Money Laundering in the United States: A Review of Current Regulations and Threats" (2024). Senior Honors Theses. 1374.
https://digitalcommons.liberty.edu/honors/1374
Abstract
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 through and within the United States. By decreasing the workload for FinCEN, developing resources for professional services and other industries, and requiring a risk assessment and technology component, the US can expand their territory in the fight against money laundering.
