What is AML?
AML stands for “Anti-money Laundering.” It is a set of procedures, laws, or regulations created to stop the practice of generating income through illegal actions.
Many cases, there are money launderers hiding their actions through many steps that make it look like money coming from illegal or unethical sources portrayed to look earned legitimately.
What is KYC?
Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to grasp relevant information from their clients for the purpose of doing business with them.
KYC is also a term used to refer to the bank regulation which governs these activities. Know Your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents’, consultants’ or distributors’ anti-bribery compliance.
To read more on "What You Need to Know about AML and KYC in the Banking Sector"
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