What does 'Internal Policies' mean?

Internal Policies in the context of Anti-Money Laundering (AML) refer to the set of rules, procedures, and guidelines established within an organization to ensure compliance with AML regulations and mitigate the risk of financial crime. These policies typically include measures for customer identification, transaction monitoring, reporting of suspicious activities, and employee training. AML software helps enforce these internal policies by automating compliance tasks, tracking adherence, and flagging potential violations. By aligning the software with an organization’s internal policies, it ensures a standardized approach to preventing money laundering and supports regulatory compliance across all departments and operations.