Timeline

TIMELINE THE HISTORY OF AML Anti-money-laundering measures have existed for centuries. But as technology lifts crime to a new level, we track the regulatory development of the space REGULATIONS

1920

AL CAPONE AND GANGSTER PROFITS

The term, anti-money laundering, was first coined 100 years ago – but the history of policing the space and preventing illicit gains from criminal behaviour goes back centuries.

It wasn’t until the advent of prohibition, though, that money laundering regulations took off in the US, with alcohol’s illegality giving rise to a profitable black market.

1970

BANKS TRACK TRANSACTIONS

The first official regulation against money laundering practices began in the US with the Bank Secrecy Act. The legislation aimed to curb money laundering and organised crime by requiring banks to report significantly large cash deposits amounting to more than $10,000.

2021

TRANSPARENCY AND ECONOMIC SANCTIONS

The 2020 Anti-Money Laundering Act was passed in 2021 – and, to date, is the most radical overhaul of the US financial regulatory space since the Patriot Act in 2001. Called the Corporate Transparency Act, the legislation makes it much more difficult for black market criminals to utilise shell companies as a cover for illegal money laundering activities.

1974

WATERGATE

According to reports, The Supreme Court in the US supported the Bank Secrecy Act by upholding its constitutionality.

The term ‘money laundering’ then became widespread and well-known in light of the Watergate scandal.

1980S

DRUG TRAFFICKING AND TERRORISM

As drug trafficking rose significantly in the 1980s, further measures were put into place. These were expanded upon in the 1990s as financial monitoring technology became more advanced and adept at recognising illicit deals. In 1989, money laundering gained greater global recognition as terrorism escalated.