Anti-Money Laundering Laws

Anti-Money Laundering (AML) laws are regulations designed to prevent the illegal process of making "dirty" money (from criminal activities) appear "clean" and legitimate. These laws require financial institutions, such as banks, to monitor transactions for suspicious activity, report large or unusual transactions, and verify the identities of their customers. The goal is to combat financial crimes, including fraud and drug trafficking, by making it harder for criminals to disguise the source of their funds, thereby protecting the integrity of the financial system and promoting legal economic activities.