Money Laundering Suppression Act

The Money Laundering Suppression Act of 1994 is a U.S. federal law aimed at improving the detection and prevention of money laundering. It revised currency transaction reporting rules for depository institutions and required the Treasury to streamline these reports and centralize the reporting of suspicious activity.

The Act enhanced training and examination procedures for banking regulators, expanded federal oversight to include certain foreign negotiable instruments and casinos, and imposed new penalties for structuring transactions to avoid detection. It also required registration of money transmitting businesses and encouraged states to adopt uniform regulations for non-bank currency services.[1]

Overall, the law strengthened coordination between financial institutions, regulators, and law enforcement to better combat financial crime.[2]

References

  1. ^ "H.R.3235 - 103rd Congress (1993-1994): Money Laundering Suppression Act of 1994". www.congress.gov. 1994-03-23. Retrieved 2025-05-23.
  2. ^ Nick (2023-06-12). "The Money Laundering Suppression Act (1994): An Overview for AML Compliance Professionals". Alessa. Retrieved 2025-05-23.


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