Related Terms
DEFINITION
AML (Anti-Money Laundering)
AML refers to the laws, regulations and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income and to detect and report suspicious transactions to authorities.
Synonyms
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Acronyms
AML
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Synonyms
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Acronyms
AML
Examples
The bank’s AML program includes transaction monitoring to identify suspicious activity that could indicate money laundering.
FAQ
What are the key elements of an effective AML program?
An AML program should include KYC procedures, risk assessment, transaction monitoring, suspicious activity reporting, and ongoing training.
How do AML regulations vary across jurisdictions?
While there are global standards like FATF recommendations, specific AML rules and reporting requirements can differ between countries.
What role does technology play in AML compliance?
RegTech solutions can automate transaction monitoring, risk scoring, and reporting to identify suspicious activities more effectively.
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Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.