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.
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.