Anti-Money Laundering (AML) Software
In the aftermath of the September 11, 2001 attacks and the passing of the Patriot Act in the United States, Anti-Money Laundering (AML) guidelines have gained significant global importance. This led to the establishment of the Financial Action Task Force on Money Laundering (FATF), influencing numerous jurisdictions to mandate financial institutions to monitor, investigate, and report suspicious transactions to their country’s financial intelligence unit.
In the UK, specific legislation targeting terrorism and crime has imposed counter-financing of terrorism obligations on banks and financial institutions. These obligations encompass customer due diligence, transaction monitoring, and reporting requirements. The UK’s laws dictate that financial institutions must implement appropriate AML controls to detect money laundering activities.
Similarly, other countries, particularly those with high crime rates involving money laundering, have also enacted relevant legislation to ensure effective combat against money laundering. As a result, many financial institutions now adhere to AML compliance procedures, offering assistance to companies. The advent of rapid digitalization has introduced AML software, which proves more effective than manual methods of AML compliance.