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Banking Security Act Of 1970: Currency Transaction Report

607 Words3 Pages

One of the biggest measures applied to combat money laundering in American history was the Banking Security Act of 1970 (BTA), which enforced all banks to keep financial records for all transactions. One of the biggest policy implemented within this act was the Currency Transaction Report, which mandates that all cash deposits over 10,000 are adequately identified and labeled as a possible laundering attempt (Loper & Cavanaugh, 2013). The BTA turned all money laundering attempts into a federal offence and it also helped identify and label other possible means of laundering money through business practices , such as buying any piece of equipment worth more than $3,000 dollars as well as working in conjunction with the later Anti-Drug Abuse Act of 1988 which mandated that any business involved in a financial purchase involving real estate or automotive contingencies be reported and documented …show more content…

These legal approaches have helped out drastically in combating money laundering and as a means to help facilitate a more adaptive staff in financial institutes to be able to better identify money laundering came the enactment of the Money Laundering and Financial Crimes Strategy Act of 1998, which paved the way for one of the more commonly talked about policies the USA Patriot Act of 2001. This act has been used to strengthen the ties amongst coexisting financial institutions and increasing the control measures used to identify possible threats. Now that allot of financial transactions are being made online the Intelligence Reform and Terrorism Prevention Act of 2004, was created to enhanced the requirements for investigative procedures and the documentation process of financial institutions that contribute to online transactions (Loper & Cavanaugh,

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