Anti-Money Laundering Regulations: The phrases Anti-Money Laundering Regulations collectively refers to a group of laws designed to regulate illicit money laundering in conjunction with or furtherance of criminal or terrorist activities. Primarily a subject of federal law, these regulations are rooted in the Bank Secrecy Act, the USA Patriot Act, and related federal regulations. Prepaid payment instruments, such as gift cards, are specifically addressed in the FinCEN Regulation. AML Regulations are administered by FinCEN, the OCC, and OFAC. Among other things, AML regulations require focus on KYC, CIP, OFAC, CTRs, the Closed Loop AML Exemption, the Open Loop AML Exemption, the One Thousand Dollar Rule, the Two Thousand Dollar Rule, and the Ten Thousand Dollar Rule.
