Anti-Money Laundering

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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.
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Even if such anti money-laundering expenditure were shown to be ineffective against such crimes occurring, therefore, banks would still have no choice other than to spend the money.
The Second Annual Caribbean Regional Compliance Conference kicked off today in the Cayman Islands bringing together a number of noted international experts discussing current issues and trends in anti money-laundering prevention, crime enforcement and international co-operation.