AML/CTF Act

The AML/CTF Act refers to the Anti-Money Laundering and Counter-Terrorism Financing Act. This legislation is designed to combat financial crimes, including money laundering and terrorism financing. The act imposes stringent obligations on businesses and financial institutions to identify, mitigate, and report suspicious activities that may be linked to illegal activities. Organizations must implement robust systems for customer due diligence, transaction monitoring, and record-keeping to ensure compliance with the AML/CTF regulations. By adhering to these measures, entities help to safeguard the integrity of the financial system and prevent it from being exploited for criminal purposes.