AML

Anti-Money Laundering

AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

Financial institutions must implement AML programs that include customer identification, transaction monitoring, and suspicious activity reporting. AML regulations require banks to know their customers (KYC) and report certain transactions to authorities. AML programs include screening against OFAC sanctions lists.

Related Terms

KYC

Know Your Customer

KYC is the process financial institutions use to verify the identity of their customers. It's a key ...

BSA

Bank Secrecy Act

The BSA is a US law requiring financial institutions to assist government agencies in detecting and ...

OFAC

Office of Foreign Assets Control

OFAC is a US Treasury Department agency that administers and enforces economic sanctions against tar...

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