The Scope Of Anti Money Laundering
Anti Money Laundering(AML) are all the measures financial institutions put in place to stop the illegal flight of capital from one country to another. Although many sectors follow the SOPs of AML, banks are more vigilant when it comes to the implementation and monitoring of the AML platform. Most people or organizations who try to launder money from one banking channel to another locally or move the fund globally make use of banking channels. These people try to find loop-hole in banking operations or account opening policy and take advantage of these gaps to open a bank account and then move money illegally in these accounts.
Today, however, banks are more vigilant with their AML plans; businesses and corporations have to comply with many rules and checks to ensure there are no AML transactions through their channels. Overall the emphasis is to bring down all forms of money laundering.