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Published in:
Money Laundering and Combating Finance Terrorism Read chapter Read first chapter

2023 | OriginalPaper | Chapter

5. AML/CFT and Cyber Security Laws in the United States

Author : Felix I. Lessambo

Published in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Publisher: Springer Nature Switzerland

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Abstract

In 1988, the United States passed the Anti-Drug Abuse Act, introducing new restrictions and legislative support to prevent money laundering, including the obligation to maintain full information about and the identification of persons who acquire bearer documents or transfer amounts greater than three thousand dollars. The overall framework has evolved over times. Certain cybersecurity laws are more specific to the banking industry, and several federal government agencies are involved in cybersecurity.

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previous chapter AML and Cybersecurity in Banking Industry: Challenges
next chapter AML/CFT and Cybersecurity Laws in the European Union
Footnotes
1
Willy Zapata Sagastume, Juan Carlos Moreno-Brid, Stefanie Garry (2016): Money Laundering and Financial Risk Management in Latin America, with Special Reference to Mexico, https://​www.​scielo.​org.​mx/​scielo.​php?​script=​sci_​arttext&​pid=​S0188-3380201600010000​9.
 
2
Public Law, 99–570.
 
3
A “correspondent account” is defined as: “any formal relationship established for a foreign financial institution to provide regular services to effect transactions in securities.”.
 
4
David Jones (2021): Banks Outpace Other Industries in Cyber Investments, Defense Strategies: Report, https://​www.​cybersecuritydiv​e.​com/​news/​banks-cyber-security-investments/​610045/​.
 
5
David Jones (2021): Banks Outpace Other Industries in Cyber Investments, Defense Strategies: Report, https://​www.​cybersecuritydiv​e.​com/​news/​banks-cyber-security-investments/​610045/​.
 
6
Joseph B. Thompkins, Linda A. Mar (1986): THE 1984 Federal Computer Crime Statute: A Partial Answer to a Pervasive Problem, UIC John Marshall Journal of Information Technology & Privacy, UIC John Marshall Journal of Information Technology & Privacy Law, Volume 6 Issue 3 Computer/Law Journal - Winter 1986.
 
Metadata
Title
AML/CFT and Cyber Security Laws in the United States
Author
Felix I. Lessambo
Copyright Year
2023
Book
Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Print ISBN: 978-3-031-23483-5

Electronic ISBN: 978-3-031-23484-2

Copyright Year: 2023

DOI
https://doi.org/10.1007/978-3-031-23484-2_5