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Author: Alexander Tzankov

FinTech & RegTech professional I Growth I New Markets | New Products | Advanced Analytics

What is the difference between KYC and AML?

The terms KYC and AML are so close and frequently used interchangeably, that it can be difficult to understand how they differ in a regulatory setting.

22 Sep 2022 | 5 minutes read Share on Facebook Twitter share Share on Viber LinkedIN share Email share

The terms KYC and AML are so close and frequently used interchangeably, that it can be difficult to understand how they differ in a regulatory setting.

There are numerous regulations that businesses, banks, and other financial institutions must overcome when it comes to compliance. National and international authorities have imposed a wide range of screening and monitoring duties on financial institutions as a result of anti-money laundering (AML) rules. The Know Your Customer (KYC) process is one of the AML standards that companies must comply with in order to verify their customer's identity and have a better understanding of their financial dealings.

What is AML (Anti Money Laundering)

AML, or anti-money laundering, refers to the methods that financial institutions and other businesses must take to prevent criminals from depositing or transferring money obtained through illegal activities. Through these measures, institut

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