Morgan Stanley isn’t the only bank to have been fined recently for Anti-Money Laundering non-compliance.
Anti-money laundering or AML is a set of regulations, instructions, laws and procedures, established to prevent the practice of generating illegal income and its legalization through specially designed actions. AML regulations oblige companies and financial institutions to vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Financial institutions must verify the origin of large sums of money, track suspicious activities and report large cash transactions. It’s also the responsibility of institutions to notify customers about AML practices and required procedures. AML is considered to be not only useful in stopping money laundering itself, but also in preventing illegal activities by discovering the source of this money, and helps to trace criminals through the tracking of financial flows. Still, AML is a strain on companies and may cause its development to slow down.
- US: Bitcoin ATM Firm Coinme to Sell Bitcoin at Coinstar Coin Counting Machines
- Winklevoss Capital: Investors Are ‘Thoughtfully Dipping their Toes into Crypto,’ Not Taking the Plunge
- Spanish Car Manufacturer SEAT Joins Alastria Consortium to Develop Blockchain Products
- Founder of Ethereum and ConsenSys Joe Lubin Joins Board of Directors of Crypto Startup ErisX
- Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16