What is AML.

Question

What is AML.

Accepted Answer

AML stands for Anti-Money Laundering. It is a set of laws, regulations, and procedures designed to prevent the generation of income through illegal activities.

AML is a regulatory framework that aims to prevent money laundering and terrorist financing.
It requires financial institutions to verify the identity of their customers and monitor their transactions.
AML laws apply to a wide range of industries, including banking, insurance, and real estate.
Examples of suspicious activities that may trigger AML investigations include large cash deposits, frequent international transfers, and unusual transaction patterns.
Non-compliance with AML regulations can result in hefty fines and reputational damage for businesses.

Accepted Answer

I explained the full form of AMl and the meaning of it and the need of AML in corporate companies.

What is AML.

Top KPMG Global Services KYC Analyst interview questions & answers

Popular interview questions of KYC Analyst

Top HR questions asked in KPMG Global Services KYC Analyst