What is an Anti-Money Laundering (AML)?

Anti-Money Laundering (AML) refers to a set of laws, regulations, and practices that financial institutions and other regulated businesses follow to detect, prevent, and report suspicious activities that may involve illegally obtained money.

Why it's important:

Without AML controls, criminals could easily hide the source of their money and use it freely. Strong AML policies help protect the global economy, prevent fraud, and keep financial systems safe and trustworthy.

Examples of AML measures include:

• Verifying customer identities (KYC: Know Your Customer)

• Monitoring large or unusual transactions

• Reporting suspicious activity to authorities