This article has been translated from English to Gen Z Slang.
So, like, AML stands for “anti-money laundering“, fam. 💸 Basically, it's a vibe check of rules, regs, financial laws, strategies, and best practices that banks and other money places (like crypto exchanges) use to catch criminals tryna clean their shady cash. 😎
They pull this off by spotting sus transaction moves on the blockchain or in the bank networks, especially when folks attempt to swap their sketchy chedda for legit doe. 👀
Mostly, this means turning crypto into good old-fashioned cash money, or hopping funds between wallets and accounts to keep their real boss moves on the down-low. 🕵️♂️
AML policies are getting more savage as crypto gets mad attractive to baddies. 🚨
Crims are feeling crypto and other digital goodies 'cause they're kinda anonymous and you can zip funds anywhere fast af. That's way quicker than how your grandpappy used to send money. 🚀
People reckon that in 2020, more than 2 billy US dollars went through the spin cycle at crypto exchanges. 💰