Anti Money Laundering System

 Anti-money laundering (AML) system is a comprehensive set of processes, procedures, and technologies designed to detect and prevent money laundering activities. Money laundering refers to the process by which criminals convert illicit proceeds into legitimate funds. An AML system involves various measures, including know your customer (KYC) requirements, transaction monitoring, risk assessment, reporting suspicious activities to regulatory authorities, and enhancing staff training and awareness.
 The system helps organizations comply with laws and regulations related to money laundering and terror financing. It also enables them to identify potential risks, such as the involvement of politically exposed persons (PEPs) or other high-risk individuals.