AML

AML refers to Anti-Money Laundering, a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. It involves monitoring financial transactions to detect and report suspicious activity.

Why it’s in the news: It is in the news as a critical component of financial compliance, with new tools and systems being developed to streamline and automate AML processes to combat financial crime more effectively.

Latest on AML

• American Express hit with $350M penalty for lax BSA/AML compliance program
• Amex hit with $350m penalty for AML deficiencies
• OCC and Fed Fine American Express $350 Million Over AML Deficiencies
• Army’s new command plans to streamline autonomous warfare acquisition
• Vietnam’s AML rules require banks to trace owners beyond its borders
• AML vendor Armalytix appoints legal and compliance head

Connections

25 entities linked to AML across the news graph.