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Anti Money Laundering (AML)

Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behavior, their implications are far-reaching. For example, AML regulations require banks and other financial institutions that issue credit or accept customer deposits to follow rules that ensure they are not aiding money-laundering.

• Anti Money Laundering (AML) seeks to deter criminals by making it harder for them to hide ill-gotten money.

• Criminals use money laundering to conceal their crimes and the money derived from them.

• AML regulations require financial institutions to monitor customers' transactions and report on suspicious financial activity.

https://www.investopedia.com/terms/a/aml.asp

 Money Laundering

Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process "launders" it to make it look clean.

Money laundering is a serious financial crime that is employed by white collar and street-level criminals alike

• Money laundering is the illegal process of making "dirty" money appear legitimate instead of ill-gotten.

• Criminals use a wide variety of money laundering techniques to make illegally obtained funds appear clean.

• Online banking and cryptocurrencies have made it easier for criminals to transfer and withdraw money without detection.

• The prevention of money laundering has become an international effort and now includes terrorist funding among its targets.

https://www.investopedia.com/terms/m/moneylaundering.asp