Glossary entry

AML

AML stands for anti-money laundering, the rules designed to stop criminal funds moving through the financial system. They are the reason a provider may ask you about the source of your money or the purpose of a transfer, and why larger or unusual payments can trigger extra questions or documents. Answer accurately, because a purpose that does not match reality can cause delays or a returned payment. Keeping transfer confirmations and statements makes any later question easier to answer. See also: KYC, remittance, and the guide How to Read a Money Transfer Quote.