AML Investigation
An AML investigation is a process conducted by financial institutions to track down cases of suspected illicit activities like money laundering and terrorist financing. It involves analysing any information that might help identify suspicious patterns and potential sources of illicit funds: financial transactions, customer behavior, and other relevant data. If the investigation concludes that the […]
AML Fine
A monetary penalty imposed on financial institutions or related entities for failing to comply with Anti-Money Laundering (AML) regulations. These fines are levied by regulatory authorities to enforce compliance and deter violations of AML laws, which may include inadequate customer due diligence, failure to report suspicious activities, or insufficient internal controls and monitoring systems.
AML Compliance
Anti-money laundering (or AML) compliance entails carefully adhering to rules and regulations to combat illicit financial activities.
AML Automation
AML automation is having AML software automate an organisation’s money laundering prevention and compliance tasks. In practice, this usually means combing through submitted data for risk-associated markers – including high-risk individuals and suspicious transactions, through transaction monitoring.
AML Audit
A thorough review of a company’s AML policies, procedures, and compliance practices is needed to assess the effectiveness of a company’s measures in preventing and detecting money laundering activities.
Anti-Financial Crime (AFC)
Anti-financial crime encompasses a wide range of illicit activities, including money laundering, terrorism financing, sanctions violations, fraud, corruption, tax evasion, and other forms of financial wrongdoing.
Anti-Money Laundering Directive (AMLD)
The AMLD is a set of regulatory requirements issued by the European Union (EU) that contains rules to combat money laundering and terrorist financing by European Union member states. Every country issues its AML laws, often based closely on FATF Recommendations.
Anti-Money Laundering (AML)
AML is a set of laws, regulations and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. AML efforts aim to detect, prevent, and report activities related to money laundering and terrorist financing. Financial institutions and other regulated entities are required to implement AML programs, which typically include customer due diligence, […]
Alternative Remittance System (ARS)
Alternative remittance systems are financial services, traditionally operating outside the conventional financial sector, where value or funds are moved from one geographic location to another. Examples are Hawala, Hundi and Chitti banking.
Affidavit (Afft)
A written statement is given under oath before an officer of the court, notary public, or another authorised person. It is commonly used as the factual basis for an application for a search, arrest or seizure warrant.