What is anti money laundering (AML) ?
AML Definition - What is the Anti-Money Laundering
AML is short phrase Anti-Money Laundering, which applies to all activities undertaken by financial services organizations (mainly banks), aimed at eliminating money laundering.
AML (Anti-Money Laundering) can also mean a separate part of the corporation, e.g. the Anti-Money Laundering Department, in which processes are carried out to counter such criminal activities.
AML could also reffer to dedicated class of computer software and helps to detect and prevent the money laundering process
Anti-money-laundering refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions. Though anti-money-laundering laws cover a relatively limited number of transactions and criminal behaviors, their implications are far-reaching. For example, AML regulations require institutions issuing credit or allowing customers to open accounts to complete due-diligence procedures to ensure they are not aiding in money-laundering activities. The onus to perform these procedures is on the institutions, not on the criminals or the government.
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