Anti-Money Laundering (AML)
Also called: AML, money laundering, financial crime compliance
AML is the framework of rules requiring financial firms to detect and report attempts to disguise criminal proceeds as legitimate funds. Laundering is conventionally described in three stages — placement, layering, integration. Enforcement fines have run into billions, and the system's effectiveness is genuinely contested: estimates suggest well under 1% of laundered money is intercepted.