3 Steps for KYC Verification Process - Meeting KYC & AML Compliance Obligations

#KYC #KnowYourCustomer #AMLCompliance
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What is KYC?
‘Know Your Customer’, KYC refers to regulatory requirements for banks and other financial institutions to verify their customers.

Why do you need to understand the importance of KYC?
Because it prevents criminal activities such as money laundering and terrorist financing from being involved with legitimate entities. Usually, KYC documents help with this process, and the KYC process steps explained in the video above help to achieve compliance.

Identity verification helps authenticate each on-boarding customer against the customer provided Personally Identifiable Information (PII) and supporting shreds of evidence. KYC reduces the risks of suspicious activities in the financial system. Also, to meet the guidelines of global and local regulatory authorities, the KYC process is mandatory.

What is AML?
‘Anti-money Laundering’, AML refers to legal controls and procedures to combat money laundering and terrorist financing from the financial system. Money launderers try to hide ill-gotten gains and launder it to different corners of the world to clean it. Regulatory authorities are stringent with respect to AML moves in the world.

AML scrutiny is performed by regulatory authorities to evaluate the measures taken by states to combat money laundering. AML screening is done against several sanction lists, criminal databases, watchlists and data sources collected from law enforcement agencies.

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