Anti Money Laundering (AML) is a term that has been used for many years. Money laundering is the process of concealing the true origins of funds acquired illegally by passing it over a series of complex legal and commercial transactions or banks. The entire process’s scheme then returns the “dirty” money to the laundering “operator” indirectly and mysteriously. AML focuses on curbing and discouraging money laundering and making sure there is no illegal flight of capital from any financial channel.
Many countries have adopted AML as a critical component of their law enforcement efforts in recent years. These countries also provide a wide range of regulatory frameworks and reporting requirements for businesses dealing with cash transactions, such as currency exchanges and banks. Companies must comply with these regulations, so any company dealing with large amounts of currency transactions should always consult with a professional AML specialist to make sure they are complying with these laws.