What is AML compliancy - please help?

[AMD]

It may sound as a stupid question to most of you here but for me it's difficult to figure out what exactly it means, AML compliancy, can someone please help in simple words?

Don't through links to large explanations here, I would just like to know the basic!

 

[John Spectre]

Usually this meant proofing of funds in question of how they was receiving and how you are planning to spend them.
So, the institution who do this check could verify that you do not do any illegal things.

 

[Happines987]

Usually this meant proofing of funds in question of how they was receiving and how you are planning to spend them.
So, the institution who do this check could verify that you do not do any illegal things.

Nothing to really add, well explained.

 

[latisja]

Usually this meant proofing of funds in question of how they was receiving and how you are planning to spend them.
So, the institution who do this check could verify that you do not do any illegal things.

How will this be solved if there is a discrepancy between laws? Business is incorporated in country A and business activity is legal in country A, but considered illegal in country B. If funds are coming from people in country B, how will this be resolved?

 

[AMD]

that was of very good help. Thank you very much

 

[Martin Everson]

How will this be solved if there is a discrepancy between laws? Business is incorporated in country A and business activity is legal in country A, but considered illegal in country B. If funds are coming from people in country B, how will this be resolved?

Funds came from illegal activity in country B so country A would freeze them i.e guns are legal in America but if you send money from gun sales to bank in UK then what you think is going to happen....lol?

 

[John Spectre]

How will this be solved if there is a discrepancy between laws? Business is incorporated in country A and business activity is legal in country A, but considered illegal in country B. If funds are coming from people in country B, how will this be resolved?

Every institution have own policy what need to do and what activity is set red flag for AML in their thinking. Its not actually matter how illegal this thing or legal in reality in A or B country. It is a personal vision of their understanding how to avoid problems.

Crypto as an example - just a version of money, that is not better or worsten compared to cash, but banks avoid it totally in question of AML, but could allow usual cash.