How US authorities are using old AML tools to crack down on crypto
How US authorities are using old AML tools to crack down on crypto

The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of that year, there were no federal standards for banks to keep records on activity that fell under the category of “suspicious.” There were also no consistent reporting requirements — it was the BSA that established the $10,000 threshold that stands to this day.

But it’s not like the BSA banished money laundering from U.S. shores. It wouldn’t even be until 1986 that money laundering was classified as a federal crime — a landmark in global anti-money laundering. Despite that classification, America’s proud tradition of illicit financing continues to this day.

Enter FinCEN

Enforcing BSA in crypto

Mismatch between crypto and BSA reqs

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