Do crypto exchanges have AML compliance?

In the ever-evolving world of cryptocurrency, compliance with Anti-Money Laundering (AML) regulations has become increasingly crucial. As a financial industry professional, I'm curious to know: Do crypto exchanges adhere to AML compliance standards? Given the anonymous and decentralized nature of cryptocurrencies, it's essential to ensure that these platforms are taking the necessary steps to prevent illegal activities such as money laundering, terrorist financing, and fraud. I'm interested in understanding the extent of their compliance, including whether they conduct proper Know Your Customer (KYC) checks, monitor suspicious transactions, and report suspicious activities to the relevant authorities. Understanding this will provide valuable insight into the overall security and trustworthiness of the crypto exchange landscape.