Money legalization process when a person takes actions that conceal the source of funds to make their nature lawful is called Money laundering.
Anti-money laundering
On the other hand Anti-money laundering involves a set of measures aimed to prevent usage of the financial system or banks for money laundering or terrorist financing. AML measures and tools are globally standardized and implemented by international and national institutions, banks and business. Each bank and other financial institution, as well as other business entities, must comply with laws and regulations regarding money laundering. To obtain a banking license, the bank must confirm compliance with the AML requirements and present the AML policy. AML policies can be improved as needed or in response to recent AML trends and recent practices.
On the other hand Anti-money laundering involves a set of measures aimed to prevent usage of the financial system or banks for money laundering or terrorist financing. AML measures and tools are globally standardized and implemented by international and national institutions, banks and business. Each bank and other financial institution, as well as other business entities, must comply with laws and regulations regarding money laundering. To obtain a banking license, the bank must confirm compliance with the AML requirements and present the AML policy. AML policies can be improved as needed or in response to recent AML trends and recent practices.
Goals of AML policy
The anti-money laundering policy was introduced with the main objective of establishing a comprehensive framework for the fight against money laundering, terrorism, corruption and other financial crimes. The second is to protect the public from money laundering and to ensure that the organization complies with relevant laws and regulations.
The AML policy is designed to provide transparent and traceable cash flows that need to be maintained to prevent terrorist financing and control their use by suspected terrorists and criminal groups, as well as their own financial resources. Full transparency and traceability of funds transfers are an important and valuable mechanism in the process of prevention, identification and investigation of money laundering and terrorist financing. If the bank discovers a suspicious transaction, it may freeze funds until the client provides explanatory justification.
The anti-money laundering policy was introduced with the main objective of establishing a comprehensive framework for the fight against money laundering, terrorism, corruption and other financial crimes. The second is to protect the public from money laundering and to ensure that the organization complies with relevant laws and regulations.
The AML policy is designed to provide transparent and traceable cash flows that need to be maintained to prevent terrorist financing and control their use by suspected terrorists and criminal groups, as well as their own financial resources. Full transparency and traceability of funds transfers are an important and valuable mechanism in the process of prevention, identification and investigation of money laundering and terrorist financing. If the bank discovers a suspicious transaction, it may freeze funds until the client provides explanatory justification.
