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Money Laundering and Anti-Money Laundering (AML) Regulations: A Summary

Definitions

The term “money laundering” refers to dealing with property that is criminal property.

Criminal Property: Property derived or realized from, obtained, used, or intended to be used in connection with criminal conduct.
Deal or Dealing with Property: Includes concealing, disguising, converting, transferring, removing, bringing into the country, receiving, acquiring, using, possessing property, or engaging in a banking transaction related to property.
Electronic Currency Transfer: A single or chain of electronic currency transfers where one of the parties is located outside the country.
International Electronic Currency Transfer: An electronic currency transfer that involves an originating entity, intermediary entity, or beneficiary entity located outside the country.
Money or Value Transfer Service: A service involving the acceptance of currency and payment of a corresponding sum to a beneficiary by means of communication, message, or transfer.
Occasional Transaction: A transaction not taking place in the context of a business relationship.

Politically Exposed Person (PEP): An individual who holds a prominent public position or has close family ties with someone holding such a position.
Property: Assets of any kind, including documents or instruments in electronic form, evidencing title to or an interest in assets.
Record: Material on which data or information is recorded and capable of being read or understood by a person, computer system, or device.

A Reporting Entity must report suspicious transactions or activities related to money laundering.