What is AML framework?

What is AML framework?

Anti-money laundering (AML) framework is the strategy adopted by businesses and entities to comply with their AML obligations. Forming and adopting a comprehensive AML framework is important to detect and deter any money laundering, terrorism financing or proliferation financing risks that the entity may face. Components of an AML framework include the policies and procedures for compliance requirements such as Enterprise-Wide Risk Assessment (EWRA), Customer Due Diligence (CDD), Know Your Customer (KYC), etc.

To understand how to build a robust governance framework for AML compliance, check out our infographic: