Anti-Money Laundering
a.k.a. AML
Rules that force financial firms to spot and report money from crime, which is why brokers ask for ID and…
In plain English
Rules that force financial firms to spot and report money from crime, which is why brokers ask for ID and proof of funds.
Anti-money laundering (AML) rules exist to stop criminals washing dirty money through banks and brokers. Firms must check who their customers are, watch for strange patterns and report suspicious activity.
For you, AML is the reason a broker wants your passport, a utility bill and sometimes proof of where your deposit came from. It works hand in hand with Know Your Customer checks. A broker that skips all of this is a red flag, not a convenience.
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