Anti-Money Laundering (AML) is a set of rules, principles, legislation, regulations, processes and tools specific to the financial sector that aim to suppress money laundering activities by criminal or terrorist organizations. The procedure includes monitoring and reporting of suspicious customers and transactions. Financial institutions and other businesses in many countries are required by law to follow AML regulations. For example, financial and insurance institutions are required to verify their customers in accordance with the Know Your Customer (KYC) principle, which includes legitimization and identity verification.