Understanding the Key Difference Between AML and KYC Compliance
The growing threat of money laundering alongside terrorist financing and financial crimes has motivated regulators to establish laws for prevention. The most prevalent regulations regarding KYC and AML practices exist. Although these rules share comparable terms or sometimes appear together in statements, they function differently. So, in this guide, we’ll outline the difference between AML […]
What is AML in Banking and How It Helps Prevent Crime?
Banks utilise specific methods to detect criminals who attempt to conceal their unlawful funds. Through anti-money laundering practices, banks monitor suspicious transactions and validate identities to report suspicious activities before they develop into major issues. Banks cannot detect illegal money movements that criminals could execute throughout the banking system without effective AML measures. In today’s […]
