What is AML?
Before explaining the meaning of anti-money laundering (AML), it is important to understand what money laundering is. Money laundering is the process of disguising the financial proceeds generated from crime as legitimate income.
Anti-money laundering is the process of combatting this problem by creating a framework of legal and regulatory processes businesses must follow to prevent criminals from being able to disguise their illegal funds and monitor who they do business with.
To find out more about Luno’s approach to AML, you can visit our learning resource here.