FRAML, the integration of Fraud and AML

Last year we witnessed a new portmanteau being introduced into the financial crime vocabulary, FRAML. It stands for fraud and anti money laundering and it reflects the industry's growing trend integrating fraud and AML teams together to better fight financial crime more effectively. You see fraud and AML, they're not separate issues, they're interlinked. Criminals often use fraud to obtain illicit funds and they'll need to use the financial system to clean and launder that money.
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