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Adjustable Rate Mortgage

A mortgage with an interest rate that changes periodically. Generally speaking, an adjustable rate mortgage is linked to some major benchmark rate; for example, the interest rate may be stated as "LIBOR + 1%." The mortgage may or may not have a cap on how much the interest rate can rise or fall, or on how often the interest rate may change. Very often, the initial interest rate for an adjustable-rate mortgage is lower than that for a fixed-rate mortgage. This allows more people to qualify for an adjustable-rate mortgage; however, this kind of mortgage can be risky because the interest rate (and therefore the monthly payment) can rise unexpectedly. Indeed the prevalence of ARMs has been blamed for the housing bubble in the mid-2000s and the subsequent recession. See also: Credit Crunch, Teaser Rate.

Anti-Money Laundering

Any law or regulation requiring an institution to perform due diligence on potential clients to ensure that it is not aiding in a money laundering scheme. If the institution does not conduct due diligence properly, it may be held legally liable for the money laundering activities. These regulations were an important part of the USA PATRIOT Act.


See adjustable mortgage loan.
References in periodicals archive ?
Fortent AML is an end-to-end solution - a true business intelligence system that incorporates not only AML monitoring, but also Know Your Customer and Enhanced Due Diligence detection as well as comprehensive case management.
The most common AML subtype according to latest WHO classification was "AML with maturation" (M2) having 183(33.
Daniel Teper added: "We are impressed by the quality of new scientific and clinical data, which further supports the relevance of Ceplene/IL-2 treatment for AML patients post first remission in preventing potentially life-threatening relapses of leukemia.
Study AML-19 was a multicenter, randomized, open-label Phase 3 study comparing single agent MYLOTARG (n=118) to best supportive care (n=119) for elderly patients who could not tolerate other AML therapies.
The survival of patients with AML remains dismal, especially for those who do not respond to first-line chemotherapies.
Having robust and effective anti-money laundering (AML) systems and controls, including customer AML risk assessments and CDD practices, are important in deterring financial crime.
The spindled and epithelioid cells were positive for HMB-45 and smooth muscle actin, confirming the AML component.
The New AML Law aims to incorporate the FATF Recommendations 2012 into the UAE legal system.
KPMG's Global Anti-Money Laundering (AML) Survey 2014 reveals the growing importance of AML globally and in the region, with regulatory fines now running into billions of dollars, regulatory action becoming genuinely license threatening and increased threats of criminal prosecution against banks and individuals.