Anti Money Laundering(AML) refers to all the provision in place to check there are no lacking in financial controls. The purpose is to safeguard the money and prevent it from traveling to other destinations through commercial channels and trade dealings.
Money laundering is a big challenge for all the developing countries as well as the developed world. There are annual reports that detail staggering figures in billions of dollars that are laundered every year. Countries are deploying strict provisions, audit, and checks over all financial institutions and business transactions to ensure they curb down any elements of money launder operations. There have been many global agreements between countries to cooperate to stop the illegal transfer of money and impose strict penalties on the offenders. The provincial stipulations require all trade companies, and financial offices to have a strict internal control and monitoring policy to curb AML activities.
