Abstract
The Bank Secrecy Act has strict regulations to prevent and detect money laundering. Its rules apply to almost all financial services companies. The Office of Foreign Assets Control (OFAC) administers broad economic sanctions programs designed to further U.S. national security policy. Effective anti-money-laundering and OFAC compliance programs can protect a firm’s business and reputation from being harmed by illicit financial activities; in some cases, it can also be a defense.
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