Audit

AML/KYC

The process of verifying the identity of customers and assessing their risk profile to prevent money laundering and terrorist financing.

AML/KYC stands for Anti-Money Laundering and Know Your Customer. It is a critical compliance process in the financial sector.

The primary objective of AML/KYC is to prevent financial institutions from being used for illicit activities. This involves collecting and verifying customer information, conducting ongoing due diligence, and reporting suspicious transactions.

Effective AML/KYC programs help maintain the integrity of the financial system and protect against reputational, regulatory, and legal risks.

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AML/KYC compliance by city

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Related Terms

Transaction Monitoring

The process of continuously monitoring transactions for suspicious activity to detect and report potential money laundering or fraud.

Suspicious Activity Report

A report filed by financial institutions when they suspect a transaction may involve money laundering, terrorist financing, or other illegal activities.

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