Financial Services CRM
Anti-Money Laundering (AML)
Regulations and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
Complete Definition
Anti-Money Laundering (AML) refers to the laws, regulations, and procedures designed to prevent criminals from disguising the proceeds of illegal activities as legitimate funds. Financial institutions must implement AML programs that include customer due diligence, transaction monitoring, suspicious activity reporting, and employee training. CRM systems can support AML compliance through automated risk scoring and alert generation.
Key Points
- 1Required by Bank Secrecy Act
- 2Includes customer screening and transaction monitoring
- 3Requires filing Suspicious Activity Reports (SARs)
- 4Heavy penalties for non-compliance
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