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Anti-Money Laundering (AML)

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A set of laws and regulations designed to ensure that financial services companies do not aid in criminal and/or terrorist enterprises, aka the rules in place to deter the next Breaking Bad car wash. Efforts to combat money laundering and terrorism finance include KYC requirements, Suspicious Activity Reports, and Currency Transaction Reports, all of which require financial institutions to investigate and report any customers or transactions that could be furthering a criminal enterprise. AML obligations can be burdensome, but failure to comply can result in heavy criminal and civil penalties. Global AML obligations differ by jurisdiction.

 

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