Anti-Money Laundering (AML) refers to a set of laws, #regulation, and procedures designed to prevent, detect, and report money laundering - the process of disguising illegally obtained funds as legitimate income. Financial institutions and other businesses are required to comply with AML regulations, which typically involve customer due diligence (verifying identities and assessing risk), monitoring transactions for suspicious activity, and reporting suspicious transactions to authorities. AML efforts aim to combat financial crime, terrorist financing, and maintain the integrity of the financial system.