Since the inception of the Bank Secrecy Act in 1970, financial regulatory bodies and institutions have emphasized the importance of detecting and mitigating white-collar crimes, especially money laundering. Due to the prioritization of these efforts, regulations and methods in preventing the occurrence of money laundering have evolved and adapted numerous times to better serve as barriers to those committing these crimes. In an effort to continue the increase in successful detection of these transactions, financial institutions, third-party consultants, and regulatory bodies have worked in cooperation and competition with one another to enhance their capabilities in reactive preventative measures against these crimes. The primary shared concern of these entities is the continuance of their advancements to remain ahead of the actions of offenders to further conceal illicit transactions.
