What is AML? What is transaction monitoring?

Question

Accepted Answer

AML stands for Anti-Money Laundering. Transaction monitoring is the process of reviewing and analyzing financial transactions to detect suspicious activity.

AML is a set of laws, regulations, and procedures designed to prevent money laundering and terrorist financing
Transaction monitoring involves analyzing customer behavior, identifying patterns, and detecting unusual activity
AML and transaction monitoring are important for financial institutions to comply with regulations and prevent financial crimes
Examples of suspicious activity include large cash deposits, frequent international transfers, and transactions involving high-risk countries