What is Anti Money Laundering?

First of all, what is money laundering? Money laundering is the process of making large amounts of money generated by criminal activities as if it appears to have come from a legitimate source. Money laundering is roughly the answer to the question of the state, “Where did you get this money”? There are many ways to do this. A few of them; smurfs method, shredding method, off-shore, imaginary export, electronic money, etc. The method to be used varies from country to country.

Anti Money Laundering means the prevention of money laundering. Anti-money laundering (AML) refers to a set of procedures, regulations and laws that prevent the laundering of money from illegal activities such as illegal drug sales. For example, a common regulation is KYC (Know Your Customer) policies. KYC policies include measures such as ensuring that customers are properly identified when depositing funds and monitoring their banking and financial behavior. Each country has different AML policies. The obligation to carry out procedures and policies belongs to the institutions, not the offenders or the government.

Although procedures and regulations are made, it becomes increasingly difficult to verify user identity in the growing digital world. This facilitates money laundering.

Sanction Scanner helps organizations with its many features. Protect your business with our growing sanction screening tool. Ensure transparency in your business by scanning regularly with our PEP & Sanction lists. Please don’t hesitate to contact us for more information.

Previous Post
What Are The AML Regulations?
Next Post
What is Terrorist Financing?