Money laundering is the act of disguising the source of money earned through illicit activities, such as drug trafficking or fraud. It’s a criminal practice that involves transferring money from illegal sources into legitimate financial systems and can take many forms. In some cases, it might involve transferring funds from one bank account to another within the same country; in other cases, it might involve buying assets such as real estate overseas. Whatever the method, all money laundering aims to conceal the source of the illegally obtained money and remove any trace of criminality. The consequences of money laundering can be severe – fines, imprisonment, and damage to businesses and reputations. By understanding, implementing, and monitoring robust anti-money-laundering (AML) policies, companies can reduce the risk of being implicated in this crime.