AML:
Defined in CryptoCurrency
Anti-Money Laundering (AML):
AML is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect and report money laundering activities.
Bitcoin exchanges may be considered to be money service businesses, or money transmitters possibly even, depending on the by state and or federal jurisdiction decisions made into law.
For money service businesses and money transmitters operating in the U.S., the Bank Secrecy Act (BSA) is the regulation the requires specific AML-related record keeping and reporting actions.
AML is a set of laws designed to prevent the conversion of illegally earned money into what appears to be legally earned money.
Money laundering is the process of making illegally earned money appear to be legally earned.
No comments:
Post a Comment