What is AML Compliance Check?
An AML compliance check is the process undertaken to ensure that an entity complies with a country’s AML regulatory regime.
Businesses use AML compliance checks to ensure that their clients are not financing terrorists or engaging in money laundering.
This process involves activities such as risk assessment, client due diligence, transaction monitoring, reporting suspicious transactions, implementing internal AML policies, etc. It is an important exercise to prevent money laundering and other financial crimes.
