| Anti-Money Laundering (AML) refers to the system of laws, regulations, processes, and internal controls designed to prevent criminals from disguising illegally obtained funds as legitimate income. It requires financial institutions and regulated businesses to verify customer identities, monitor transactions, detect suspicious activities, and report potential financial crimes to authorities. AML frameworks help combat offences such as fraud, corruption, terrorist financing, and organized crime by increasing transparency in financial systems and reducing the ability of illicit funds to enter the formal economy. |
