AML stands for Anti-Money Laundering, which is the framework of laws, regulations, and controls designed to prevent, detect, and report money laundering and related financial crimes.wikipedia+1
Basic meaning
- Anti-Money Laundering (AML) refers to rules and practices that stop criminals from turning illegally obtained money into money that appears legitimate through the financial system.ibm+1
- AML is often paired with combating the financing of terrorism (AML/CFT), because the same controls are used to address both money laundering and terrorist financing risks.sas+1
What AML covers
- AML frameworks require banks, securities firms, fintechs, and other regulated entities to monitor customers and transactions, identify suspicious activity, and report it to authorities through SARs/STRs.finra+1
- Typical AML measures include Know Your Customer (KYC), Customer Due Diligence (CDD), transaction monitoring, sanctions and PEP screening, internal policies, a designated compliance officer, staff training, and independent audits.lseg+1
If you say the context (e.g., crypto exchange, DIFC, EU, Korea), a more tailored explanation of AML requirements in that area can follow.
- https://www.finra.org/rules-guidance/key-topics/aml
- https://www.sas.com/en_us/insights/fraud/anti-money-laundering.html
- https://en.wikipedia.org/wiki/Anti%E2%80%93money_laundering
- https://finreg-e.com/what-is-anti-money-laundering-aml-and-why-it-matters/
- https://www.lseg.com/en/risk-intelligence/glossary/aml
- https://www.lexisnexis.com/en-int/glossary/compliance/anti-money-laundering-aml
- https://www.ibm.com/think/topics/anti-money-laundering
- https://www.fourthline.com/glossary/anti-money-laundering
- https://www.acams.org/en/resources/aml-glossary-of-terms
- https://www.fdic.gov/banker-resource-center/anti-money-laundering-countering-financing-terrorism-amlcft