AML, or Anti-Money Laundering, is the process of screening customers and transactions to detect and prevent money laundering and terrorist financing. It is an important part of financial regulation to comply with laws and prevent illegal activities.
AML verification includes the following steps:
Customer Identification (Customer Identification):
Collecting and verifying personal information about the customer.
Verification of identity documents.
Transaction Monitoring:
Tracking and analyzing a customer's financial transactions.
Identifying anomalies or suspicious transactions.
Know Your Customer (KYC) Policy:
Obtaining detailed information about the customer, their business and financial activities.
Understanding the purpose and nature of intended transactions.
Reporting (Reporting):
Mandatory reporting of suspicious transactions to anti-money laundering authorities.
AML screening is typically performed by financial institutions such as banks, investment firms and payment processors. It may also involve the use of specialized technology and software to automate processes and detect suspicious activity.
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