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

AL CAPONE AND GANGSTER PROFITS BANKS TRACK TRANSACTIONS

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 .

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 .

14 January 2023