How does AML relate to cybersecurity?

The correct response highlights the critical intersection between anti-money laundering (AML) efforts and cybersecurity. Effective cybersecurity measures play a vital role in safeguarding sensitive financial data from breaches. When data breaches occur, they can provide opportunities for illicit activities, including money laundering, as criminals may exploit accessed information to disguise the origins of illegally obtained funds. By protecting against these data breaches, robust cybersecurity can help mitigate risks associated with money laundering schemes.

In the context of AML compliance, organizations must ensure that their systems are secure to prevent unauthorized access, which could expose them to financial crime. Thus, strong cybersecurity practices are fundamental in supporting and enhancing AML measures, ultimately protecting both the institution's integrity and its customers’ data. This relationship underscores the importance of integrating cybersecurity strategies within broader AML frameworks to effectively combat financial crime.