Anti-money laundering
In one sentenceProcedures that prevent a business from being used to hide the source of illicit funds, such as knowing the customer, monitoring unusual transactions and reporting them.
Simply put
Money laundering is putting money from an illicit source into transactions that look normal so that it appears clean. The Kingdom has a specific law to combat it that requires certain parties to follow clear procedures.
The general idea: know your customer, monitor transactions that do not fit their activity, keep records, and report to the competent authority when in doubt.
Example
A new customer at a car showroom wants to pay for several cars in cash in small, separate installments, and refuses to provide anything showing the source of the money: this is an unusual transaction that warrants stopping and handling it under anti-money laundering procedures.
Don't confuse it with
Financial fraudFraud harms the business or those dealing with it, while money laundering uses the business to clean illicit money.