What is AML in wealth management?
AML in wealth management stands for anti-money laundering. AML refers to a set of laws, regulations, and procedures implemented to prevent and combat money laundering and other illicit financial activities.
The purpose of anti-money laundering measures is to detect and deter money laundering activities, terrorist financing, and other financial crimes.
For financial institutions, such as private banks and wealth management firms, compliance begins with verifying the identity of new clients – which is referred to as Know Your Customer and Customer Due Diligence which applies to both new and existing customers. As such these checks need to be undertaken throughout the customer lifecycle.
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