Discussion
What is the full form of "AML"?
Answer: A
Correct answer: Anti Money Laundering
Anti-money laundering covers the legal and procedural framework preventing the proceeds of crime from being disguised as legitimate funds.
In India it rests on the Prevention of Money Laundering Act 2002, and it is why banks operate Know Your Customer procedures, monitor accounts for unusual activity and file suspicious transaction reports with the Financial Intelligence Unit. The obligations fall on the intermediary rather than on the customer, which is what makes AML compliance a standing operational function inside every bank.
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