KYC (Know Your Customer) and AML (Anti-Money Laundering) are both compliance procedures that financial institutions and other regulated companies are required to implement in order to prevent fraud and money laundering.

KYC is the process of identifying and verifying the identity of a customer before an account is opened or a transaction is completed. This includes collecting and confirming information such as the customer’s name, address, and government-issued identification number, as well as verifying the customer’s identity through various means such as a government-issued ID or a credit report. The goal of KYC is to ensure that the financial institution or company knows who its customers are and can monitor their transactions for suspicious activity.

AML, on the other hand, is a set of laws, regulations, and procedures that financial institutions and other regulated companies must follow to prevent, detect, and report money laundering activities. This includes monitoring customer transactions for suspicious activity, filing suspicious activity reports (SARs) with the relevant authorities, and implementing internal controls to ensure compliance with AML regulations. The goal of AML is to prevent the illicit use of financial systems for money laundering or terrorist financing.

In short, KYC is focused on identifying the customer and ensuring the institution have a accurate information of the customer, while AML aim to detect and prevent financial crimes and illegal activity such as money laundering using their financial systems.

View Full Answer Page: What is the Difference Between KYC and AML?

About the Author: Ryan Frank

Ryan Frank
Ryan Frank is the CEO & Founder of Funded which provides end-to-end marketing/advertising solutions for equity crowdfunding and private placement capital raises. Ryan has been in the digital marketing industry for 15 years and brings a wealth of knowledge to the equity crowdfunding/capital raise space.

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