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What is “anti-money laundering”?
Anti-Money Laundering (AML) is a set of laws and regulations that have been enacted to prevent the illicit movement of money around the world. Money laundering is the process of concealing the origin of (illegally acquired) cash by routing it through a usually complex series of transfers or transactions. These transactions are generally legitimate and therefore go unmarked, allowing the original owner of the illicit funds to use them for legitimate purposes.
The fight against money laundering targets criminal activities such as trafficking in illegal goods (drugs, contraband, etc.), corruption in public offices and tax evasion, to name a few. It specifically addresses methods used to conceal these crimes and the money obtained through these acts.
Financial institutions play an important role in combating money laundering. If criminals cannot successfully evacuate the proceeds of these illegal activities, they would have no incentive to commit these crimes. Therefore, financial institutions have an obligation to monitor customers' transactions and deposit records, especially if they appear larger than usual.
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