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Anti-Money Laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though the specifics can vary, most AML procedures involve three steps: the placement of illicit money into the financial system, the layering of money to obscure its origin, and the integration of the money into the legitimate economy.
Financial institutions and certain other businesses are required to implement AML procedures. This may include verifying the identity of their customers, monitoring transactions for suspicious activity, maintaining detailed records of financial transactions, and reporting suspicious activity to the relevant authorities.
AML procedures are designed to deter criminals by making it more difficult for them to hide ill-gotten money, increase the chances of detecting and prosecuting financial crimes, and protect the integrity of markets and financial systems worldwide. The successful implementation of these procedures can have a significant impact on the fight against corruption, fraud, the financing of terrorism, and other serious financial crimes.
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