AML (anti-money laundering)
The laws and controls that stop criminals from passing illegal money through legitimate businesses.
Anti-money laundering covers the rules and processes that make it harder to hide the origin of criminal money and to finance terrorism. Banks, payment providers, crypto companies, asset managers and some other businesses have to identify their customers, monitor transactions and report suspicious activity.
The main building blocks
- Customer identification and verification (KYC) at onboarding.
- Identifying the beneficial owner behind companies and structures.
- A risk assessment per customer, with enhanced checks for higher risk.
- Ongoing monitoring of transactions and updating customer information.
- Reporting suspicious activity to the financial intelligence unit.
- Keeping records of how all this was done.
In Switzerland and the EU
In Switzerland, financial intermediaries are covered by the Anti-Money Laundering Act (AMLA) and supervised by FINMA or a self-regulatory organisation. In the EU, the AML package brings a single rulebook through the AML Regulation (AMLR) and a new EU authority, AMLA, based in Frankfurt.
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