What is a covered product AML programs must monitor?

Covered products that Anti-Money Laundering (AML) programs must monitor typically include financial instruments and services that can be used for illicit activities, such as cash, wire transfers, cryptocurrencies, and certain types of loans. Additionally, AML programs must focus on high-risk products like prepaid cards, money services businesses, and foreign currency exchange. Monitoring these products helps identify suspicious transactions and mitigate risks associated with money laundering and terrorist financing. Compliance with regulatory requirements is crucial in ensuring effective monitoring and reporting.