What is AML compliance?
AML compliance is adhering to the prescribed rules and regulations that aim to prevent, detect and report activities involving money laundering and terrorist financing.
It entails compliance requirements such as money laundering risk assessment, implementing internal AML policies, customer due diligence, reporting suspicious transactions, and independent AML audits.
Compliance specifics can vary depending on the country of operation and the nature and size of the business.
Know more about AML compliance requirements