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AML Screening

Anti-money-laundering (AML) policies and procedures are mandated across the world, and their purpose is to assist financial institutions in fighting against money laundering by preventing criminals from engaging in transactions to disguise the origins of funds connected to illegal activity.

Many countries—as well as economic and political partnerships, such as the European Union—have enacted, and constantly update their rules and regulations to fight the scourge of money laundering and counter-terrorism financing (CTF).

International AML enforcement & procedures

The Financial Action Task Force , is an inter-governmental body that sets standards to help countries develop and update their laws to combat money laundering and terrorism financing also helps ensure uniformity. FATF includes 39 members, including 37 member jurisdictions as well as the European Commission and the Gulf Co-operation Council, which includes the United Arab Emirates.

While AML laws and regulations differ by country, they invariably require financial institutions to maintain a robust set of policies as a means of achieving compliance. Such policies provide a detailed explanation of the people, processes, and technology a financial institution has in place to prevent the reintroduction of illicit funds into the financial system.