KYC is a process that banks, credit unions, and other regulated financial institutions use to verify the identity of their customers. The goal is to ensure that customers are who they say they are and that any money they send or receive is legitimate.
AML stands for anti-money laundering. It's a process banks and other regulated financial institutions use to make sure their customers don't engage in illegal activity. AML compliance means identifying and stopping suspicious activity before it leads to financial crime.
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KYC and AML are two important steps in protecting your business from financial crime. By understanding how these processes work, you can keep your customers safe and your business running smoothly.
Anti-Money Laundering Compliance
KYC stands for Know Your Customer and is a process that companies use to ensure that their customers are legitimate. KYC helps protect a company from being used as a front for illicit activities, and it also ensures that the money being transferred is actually coming from legitimate sources. AML stands for Anti Money Laundering and is a set of procedures that companies must follow in order to avoid being used by criminals to launder money. Proper AML compliance can help identify and stop criminal activity before it begins