Anti-Money Laundering Act

The Anti-Money Laundering Act (AML) is a law designed to prevent the illegal process of making "dirty" money appear legitimate. It requires financial institutions and certain businesses to monitor transactions, report suspicious activities, and verify customers' identities. The goal is to combat money laundering, which often involves drug trafficking, corruption, or fraud, and to disrupt the financial networks that support crime. By adhering to these regulations, institutions help maintain the integrity of the financial system and protect the economy from illicit activities.