The Role of AML Software in Maintaining a Safe Financial Environment
When you hear the words AML Software, what is the first thought that comes to mind?
Is it some kind of complex piece of code that if broken, could bring down the financial world in a single moment?
Or is it something simple like a receipt book that can make your accounting records as accurate and up-to-date as possible?
The simpler the better
In fact, AML Software is just an ordinary receipt book or ledgers used for cashier, billing and other point-of-sale (POS) purposes.
The basics of AML Solutions are all about preventing money laundering, which is an act of fraudulency that takes place when a business tries to hide or disguise some monetary transactions.
The most common means of money laundering are through: concealment of identity, falsifying bills of exchange, transfer of fund...