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What is Anti-Money Laundering (AML)

Chapter 2
Handbook of Research on Cyber Crime and Information Privacy
The process to continuously try to forbid identified customers to launder money.
Published in Chapter:
A Survey of KYC/AML for Cryptocurrencies Transactions
Suzana M. B. M. Moreno (Brazilian Development Bank, Brazil), Jean-Marc Seigneur (University of Geneva, Switzerland), and Gueorgui Gotzev (Kohler Gotzev, S.àr.l. - Avocats à la Cour, Luxembourg)
Copyright: © 2021 |Pages: 22
DOI: 10.4018/978-1-7998-5728-0.ch002
Abstract
KYC (know your customer) and AML (anti-money laundering) practices have been designed and implemented in traditional financial transactions for some years now. However, it has been complicated to find a balance between business efficiency, innovations, financial inclusion, and compliance, both in the specification of what should be done and in the implementation of a risk-based approach that satisfies the required specification during real business operation. This chapter presents a survey of traditional practices to KYC/AML, highlighting a subset of existing challenges in these practices, taking into consideration the innovation of cryptocurrencies transactions and related innovations, such as digital identity, and the financial inclusion of unbanked people without identity papers. The authors finish this chapter by discussing existing solutions to these challenges both by adopting new KYC/AML practices and by using innovative technological solutions.
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More Results
Chapter 9
Non-Financial Reporting: A Comparative Analysis With a Focus on the Combat Against Money Laundering – Evidence From Major European Banks
AML refers to the activities that financial institutions must comply with legal requirements to actively monitor customers transactions and report suspicious activities. Such activities are taken to prevent and combat money laundering, terrorism financing and other financial crimes AML includes procedures, regulations, and laws intended to prevent criminals from disguising illegally obtained funds as legitimate income. act. An AML compliance program should focus not only on the effectiveness of internal systems and controls developed to detect money laundering, but also on the risk assessment of customer activities.
Published in Chapter: Non-Financial Reporting: A Comparative Analysis With a Focus on the Combat Against Money Laundering – Evidence From Major European Banks; From: Modern Regulations and Practices for Social and Environmental Accounting
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Chapter 3
Blockchain Technology and Future Banking: Opportunities and Challenges
Anti-money laundering includes laws, regulations, and procedures to monitor and prevent suspicious activities and transactions related to illegally obtained proceeds.
Published in Chapter: Blockchain Technology and Future Banking: Opportunities and Challenges; From: Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance
Full Text Chapter Download: US $37.50 Add to Cart
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