AML Compliance in the USA
U.S. compliance demands are endless.
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Overview
In the United States, AML compliance spans a deep web of obligations across the Bank Secrecy Act (BSA), USA PATRIOT Act, and Anti-Money Laundering Act of 2020 (AMLA).
Regulatory oversight is fragmented between FinCEN, the SEC, CFTC, FDIC, OCC, IRS, and state-level regulators. Each with their own rules, reporting expectations, and audit standards.
From verifying identities and businesses to real-time monitoring and reporting suspicious activity, U.S. financial institutions are expected to run a flawless program — at scale, without delay, and always ready for enforcement.
Replace the patchwork with peace of mind.
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KYC Requirements in the United States
Who is subject to KYC?
All individuals opening an account, sending funds, buying securities, or transacting with covered institutions must be identified and verified.
KYC Requirements:
Verify full legal name, date of birth, address, and SSN/ITIN using documentary or non-documentary CIP methods
Apply tailored Customer Identification Procedures (CIP) based on client type and service channel
Screen globally for OFAC, global sanctions, watchlists, fitness, probity, and political exposure at onboarding
Monitor client behavior for risk triggers and identity inconsistencies on an ongoing basis
Retain complete records of ID verification, watchlist checks, and risk reviews for at least five years after account closure
KYB & UBO Due Diligence Requirements in the USA
Who is subject to KYB?
All legal entities—corporations, LLCs, trusts, and partnerships—must be verified under the Customer Due Diligence (CDD) Rule, including full UBO and control identification.
KYB Requirements:
Validate entity existence via EIN, registration documents, or state corporate records
Identify and verify all beneficial owners with 25%+ ownership and one control person
Capture nature and purpose of business, anticipated activity, and source of funds
Screen entity and related entities and individuals against OFAC, FATF, and jurisdictional risk databases
Refresh KYB and UBO information upon re-risking events or significant control changes
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KYT Transaction Monitoring Requirements in the USA
What activity is subject to KYT?
All transactional activity must be monitored for anomalies, red flags, and reporting thresholds under BSA/AML obligations.
KYT Requirements:
Detect transfers over $10K and flag transactions that violate risk thresholds or customer profiles
Identify suspicious activity such as structuring, flow-of-funds patterns, spikes in activity, and gelocation anomalies
Screen counterparties and beneficiaries against OFAC, sanctions lists, watchlists, and political exposure in real time
Document your decisions, escalation paths, and outcomes to support SAR filings and audit readiness
Retain complete logs of case actions, alerts, and reviews for no less than five years
AML Risk Screening Requirements in the USA
Who is subject to AML screening?
All clients, counterparties, and related parties must be screened against domestic and global risk sources throughout the relationship lifecycle.
AML Screening Requirements:
Screen individuals and entities against OFAC, FinCEN advisories, FATF lists, and state enforcement actions
Detect politically exposed persons (PEPs), senior public figures, and close associates
Monitor for adverse media, criminal allegations, regulatory flags, and reputational exposure
Assign and refresh risk scores regularly based on jurisdiction, entity type, and behaviour.
Trigger enhanced due diligence (EDD) where appropriate and document all steps taken
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iComply Platform Modules
One Platform. One Login. Global Compliance.
KYB
for Corporates
Onboard, verify, review, refresh, and reporting for legal entities
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KYC
for Individuals
Identity verfication and fraud detection for natural persons
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KYT
for Transactions
Batch processing and real-time transaction monitoring
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AML
Risk Screening
On-demand or continuous monitoring for AML/CFT risk
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