Series 27: Money Laundering Control Act

Taken from our Series 27 - Financial and Operations Principal Qualification Examination

Definition of the term Money Laundering Control Act...

legislation, passed in 1986, that criminalized money laundering, as well as the merchants and bankers who helped enable the practice. It also prohibits structuring and directs banks to establish procedures to ensure and monitor compliance with the Act's reporting and recordkeeping requirements.

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