What does "financial inclusion" aim to achieve in relation to AML?

"Financial inclusion" primarily aims to provide access to underserved populations, which includes individuals and communities that have historically been excluded from the formal financial system. This concept emphasizes the importance of ensuring that everyone, regardless of their socio-economic status, has access to essential financial services such as banking, insurance, and credit. In relation to Anti-Money Laundering (AML), financial inclusion plays a crucial role because it seeks to integrate these populations into the financial system, which helps to promote transparency and accountability.

When underserved populations gain access to financial services, it decreases the likelihood of these individuals relying on informal and potentially illegal financial channels, which can pose risks for money laundering and other illicit activities. Furthermore, enhancing financial inclusion is beneficial for AML efforts as it fosters a more regulated environment where financial transactions are monitored, thus reducing the opportunities for crime.

While other choices touch on aspects related to finance and regulation, they do not capture the essence of financial inclusion, which centers on the empowerment and access for those marginalized by the traditional banking system.