Anti-Money Laundering (AML)
Tue, Apr 15AML, which stands for "anti-money laundering," encompasses a set of rules, regulations, financial laws, strategies, and best practices employed by financial institutions and businesses, such as cryptocurrency exchanges and banks, to prevent criminals from laundering money obtained through illegal means.
These institutions work to detect and identify suspicious transaction activities on the blockchain or within the banking network that aim to convert illegally acquired currencies into other forms of currency.
This often involves the conversion of cryptocurrencies into fiat money and the transfer of funds into various wallets and accounts to obscure the true identity of the owner.
As cryptocurrencies have become increasingly attractive to criminals, AML policies have gained significant importance.
Criminals are lured to cryptocurrencies and other digital assets because of their pseudonymous nature and the convenience of sending and receiving funds almost anywhere in the world, much more quickly than traditional money transfer methods.
In 2020, it is estimated that over US $2 billion was laundered through cryptocurrency exchanges.
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