What does AML stand for?

AML stands for Anti-Money Laundering, which refers to a set of regulations, laws, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. This term is widely recognized in financial and regulatory contexts, encompassing various strategies and techniques to detect and report suspicious activities indicative of money laundering.

Understanding AML is crucial for banking institutions, financial organizations, and other entities that handle money, as they are often required to implement policies that comply with these regulations. The objective of AML initiatives is to safeguard the financial system against corruption and illicit financial transactions, maintaining integrity in the markets and protecting against criminal activities such as drug trafficking, fraud, and terrorism financing.