# Anti-Money Laundering (AML) Training Requirements

Money Laundering refers to any act or attempted act conducted to conceal or disguise the identity of illegally obtained funds so that they appear to have originated from legitimate sources.  In other words, it is the process through which criminals convert “dirty” money appear “clean”.

International Monetary Fund (IMF) estimates that atleast 3-5% of the worldwide global economy involves money laundering. Money laundering is also associated with terrorist financing.

To combat money laundering and terrorist financing, various initiatives such as Financial Action Task Force (FATF) have been setup. Various laws have been enacted or amended to specifically deal with money laundering.

In the United States, the Bank Secrecy Act (BSA) requires banks and financial institutions to help the government in preventing and detecting money laundering.