Combating Financial Crime

Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT)

Money laundering (ML) is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. Illegally obtained funds are laundered and moved around the globe using and abusing shell companies, intermediaries and money transmitters. In this way, the illegal funds remain hidden and are integrated into legal business and into the legal economy. Such illegal activity has been a worldwide issue altogether with far-reaching and severe consequences.

Terrorism financing (TF) refers to carrying out transactions involving funds that may or may not be owned by terrorist, or that have been, or are intended to be, used to assist the commission of terrorism.

Examples of Terrorism Financing are:

  • Funding the direct costs associated with undertaking terrorist acts through donations
  • Funding required to maintain a terrorist network, organization or cell including to purchase weapons or bomb-making equipment, for payment to insurgents, or covering living expenses for a terrorist cell

AmBank is committed to ensure that its business is not used as a channel for money laundering, terrorist financing or other criminal activity. You must conform to the relevant Anti-Money Laundering and Counter Financing of Terrorism policies, laws and regulations.

Failing to detect suspicious transactions or doing business with any person or entity involved in criminal or terrorist activities puts AmBank and you at serious risk. AmBank will not tolerate any circumstance where an individual or business unit circumvents AML/ CFT policies, laws and regulations, or fails to report suspicious activity.