Anti-Money Laundering (AML)

Anti-Money Laundering (AML) refers to a comprehensive set of policies, regulations, and practices designed to prevent, detect, and report financial crimes, particularly money laundering activities.

AML measures are crucial for financial institutions, banks, and other regulated entities to combat illicit financial activities and ensure compliance with legal requirements. These efforts involve a multi-faceted approach, including customer identification and verification, establishing risk-based controls, ongoing monitoring of transactions for suspicious activities, and timely reporting of such activities to relevant authorities. AML regulations have become increasingly important globally, with the rise of sophisticated financial crimes and the need to safeguard the integrity and stability of the financial system. By implementing robust and effective AML programs, institutions can mitigate the risks associated with money laundering.

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