What is Anti-Money Laundering (AML)?
Let's find out Anti-Money Laundering (AML) meaning, definition in crypto, what is Anti-Money Laundering (AML), and all other detailed facts.
Money laundering is a very well-known phrase among crypto crimes. The most fitting example is when a billionaire from Australia, Andrew Forrest, pointed out that Facebook breached Australia’s money-laundering laws. Money laundering is commonly used to describe the process of moving unlawfully obtained funds via complicated transactions.
Moreover, since these transactions are considered to be legal, they would not be detected, allowing the original owner of the illegal money to use the cash for whatever he desires.
Anti-Money Laundering (AML) refers to the prevention of illegal money movement around the world by an order of regulations. When the deposit records or transactions seem to be bigger than usual, financial institutions must keep an eye on these particular customers. Moreover, AML can even aim to prevent criminal activities such as trading contraband or drugs.
Besides, financial institutions play a big part in anti-money laundering laws. Criminals would be strongly discouraged to commit these crimes if they could not effectively shift the income from their fraudulent activities.