Anti-Money Laundering Act (AMLA)

The Anti-Money Laundering Act (AMLA) is a law designed to prevent money laundering, which is the process of making illegally obtained money appear legitimate. It requires financial institutions and certain businesses to implement measures that detect and report suspicious activities to authorities. This helps ensure that criminals cannot easily use the financial system to hide their illicit gains. AMLA promotes transparency and accountability, contributing to the overall integrity of the financial system and reducing the risks associated with organized crime and terrorism.