Glossary term
Anti-Money Laundering (AML)
Anti-Money Laundering (AML) refers to the set of policies and procedures put in place by financial institutions aimed at fighting financial crimes such as money laundering and fraud. Anti-Money Laundering plays a significant role in foreign exchange and money transfer industries, whereby it is applied in identification of customers and their transactions. The purpose of the Anti-Money Laundering test includes validation of transactions.
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