Anti-Money Laundering (AML) laws

Anti-Money Laundering (AML) laws are regulations designed to prevent criminals from disguising illegally obtained money as legitimate income. These laws require financial institutions to identify and verify their customers, monitor transactions for suspicious activity, and report certain transactions to authorities. The goal is to detect and stop money laundering activities that fund illegal operations like drug trafficking or fraud, thereby protecting the integrity of the financial system and promoting transparency. Compliance with AML laws helps ensure that financial institutions do not become unwitting accomplices in illegal schemes.