Anti Money Laundering(AML)
- Money Laundering is the process of bringing illegal money into the financial system by hiding its illegal origin so that it appears to be legally acquired.
- Money Laundering is the term used to describe the process of turning dirty money into clean money.
- This act came into effect from 1st July 2005 to control money laundering.
- The AML program should include :
- Internal Policies, Procedures and controls
- Appointment of a principal compliance officer
- Recruitment and training of agents on AML measures.
- Internal Audit/Control
Good post.internal policies, procedures and controls of AML are defined below, Know about AML Compliance is mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities. AML Services refers to a set of laws, regulations and procedures intended to prevent criminals
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