Anti-Money Laundering (AML) Compliance

Anti-Money Laundering (AML) compliance refers to the laws and regulations that prevent the illegal practice of "laundering" money, which involves disguising the origins of illegally obtained funds. Businesses, especially in finance, must implement systems to detect and report suspicious activities, verify the identities of their clients, and monitor transactions. The aim is to ensure that illicit money is not integrated into the legitimate financial system, thereby protecting the economy and society from crime and corruption. Compliance helps institutions avoid penalties and maintain their reputations while contributing to the fight against financial crime.