Anti-Money Laundering regulations

Anti-Money Laundering (AML) regulations are laws and procedures designed to prevent criminals from disguising illegally obtained money as legitimate income. They require financial institutions to verify customer identities, monitor transactions for suspicious activity, and report certain transactions to authorities. The goal is to detect, prevent, and deter money laundering, which can fund illegal activities like terrorism or fraud. AML efforts create transparency and accountability within the financial system, making it harder for illicit funds to circulate unnoticed. Compliance with AML regulations is essential for maintaining the integrity of financial markets and preventing financial crimes.