AML
Financial crime deterrent
AML is an acronym with two primary meanings in professional contexts.
In medicine, it stands for acute myeloid leukemia, an aggressive cancer of the blood and bone marrow that affects myeloid cells.
In finance and banking, AML means anti-money laundering, referring to regulations and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
The bank's AML compliance team flagged several suspicious transactions.
Malignancy of blood-forming tissues
- bone marrowBlood cell birthplace
- myeloidOf bone marrow origin
- chemotherapyAnti-cancer drug treatment
- remissionTemporary disease absence
relapse · cytogenetics · induction · consolidation · transplant · prognosis · refractory · supportive care
Disguising criminal proceeds' origins
- dirty moneyIllegally obtained wealth
- illicit fundsIllegally acquired financial assets
- shell companyInactive firm for transactions
- layeringForming successive strata
placement · integration · smurfing · structuring · proceeds of crime · beneficial ownership · offshore accounts · cash smuggling
Pre-transaction reasonable care
- risk assessmentEvaluating likelihood of harm
- compliance officerOversees organizational rule-following
- record-keepingMaintaining organized documentation
- internal controlsOrganizational oversight procedures
training programs · case management · audit trail · policy review · red flags
leukemia
Malignancy of blood-forming tissues
- bone marrowBlood cell birthplace
- myeloidOf bone marrow origin
- chemotherapyAnti-cancer drug treatment
remission · relapse · cytogenetics · induction · consolidation · transplant · prognosis · refractory · supportive care
money laundering
Disguising criminal proceeds' origins
- dirty moneyIllegally obtained wealth
- illicit fundsIllegally acquired financial assets
- shell companyInactive firm for transactions
layering · placement · integration · smurfing · structuring · proceeds of crime · beneficial ownership · offshore accounts · cash smuggling · front company
due diligence
Pre-transaction reasonable care
- risk assessmentEvaluating likelihood of harm
- compliance officerOversees organizational rule-following
- record-keepingMaintaining organized documentation
internal controls · training programs · case management · audit trail · policy review · red flags
sanctions
Punitive international restrictions
Disguising criminal proceeds' origins
financial crime · dirty money · smurfing · layering · structuring
Foreign financial account services
bank secrecy · anonymous accounts · numbered accounts · opacity · black money
Organized illegal business venture
corruption · bribery · kleptocracy · sanctions evasion · embezzlement