AML Terms

Understand your SMR (Suspicious Matter Report) obligations. Explore the criteria for “reasonable suspicion,” reporting timelines, & AML/CTF Act compliance rules.

Explore the definition of a Senior Manager in the context of AML. Know about the responsibilities, accountability, & regulatory expectations for the compliance.

Learn what an AML risk assessment is – a process to find and check money laundering risks across customers, services, and countries so they can be managed.

Learn what a Reporting Entity is in Anti-Money Laundering (AML), the legal definition, key obligations, and examples of entities.

Discover what is physical currency, its legal definition, examples of cash use, and why it matters for AML/CTF compliance and reporting.

Understand the concept of permanent establishment under the AML/CTF Act and how it determines geographical links for regulatory compliance and reporting.

Learn what a partnership is, see real-world examples, key concepts and governance basics for shared business responsibility and decision-making.

Learn what a money mule is, how criminals recruit them, common red flags, risks of legal trouble & practical tips to avoid becoming a money mule.

Define money laundering, understand how criminals disguise funds through property and trusts, and map your business risk to implement effective AML controls.

Define KYC information, set verification rules, and assess customer ML/TF risk using identity details, source of funds, and independent data sources.