AML (Anti-Money Laundering)

Anti-Money Laundering (AML) encompasses a wide range of activities aimed at combating financial crimes. It involves policies and processes that require financial institutions and other regulated entities to prevent, detect, and report suspicious activities that may signify money laundering or terrorist financing. AML regulations typically include customer identity verification, transaction monitoring, and reporting of suspicious activities to relevant authorities. For accountants, understanding and implementing AML procedures is crucial to ensure compliance with legal requirements and to protect their firms and clients from inadvertently facilitating financial crimes.