Anti-money laundering (AML)
Laws and controls to prevent, detect and report the laundering of criminal proceeds and terrorist financing.
Overview
AML programmes include risk assessment, customer due diligence, sanctions and PEP screening, transaction monitoring, suspicious activity reporting, record-keeping and training. International standards are set by FATF and implemented nationally, such as the US Bank Secrecy Act.
It connects most directly to Bank Secrecy Act, Financial Action Task Force, Customer due diligence, Transaction monitoring and Financial Crimes Enforcement Network.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
AML failures produce some of the largest fines in financial services.
Who it affects
Banks, payment firms, crypto businesses, casinos, real estate and other obliged entities.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Connections
The terms most closely tied to AML. Select one to open it.
What to do about it
- 1List the laws and authorities in this area that apply to you.
- 2Map each obligation to a control and owner.
- 3Monitor change and enforcement in the area.
- 4Report coverage and gaps to management.
From requirement to evidence.
AML obligations from every regime are mapped to one set of tested controls.
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