WHAT IS AML
AML stands for Anti-Money Laundering. It is a set of laws, regulations, and procedures that financial institutions and other regulated entities must follow to prevent, detect, and report money laundering activities. Money laundering is the process of concealing the proceeds of illegal activities by making them appear to be legitimate.
AML regulations require businesses to verify the identities of their customers, monitor transactions for suspicious activity, and report any suspicious transactions to the relevant authorities.
The goal of AML is to prevent criminals from using financial institutions to launder their money and fund illegal activities.
AML regulations apply to a wide range of businesses, including banks, money service businesses, casinos, and other financial institutions.