In today's digital age, businesses need to implement robust anti-money laundering (AML) and know-your-customer (KYC) measures to mitigate financial crime risks. These measures help businesses identify and verify the identity of their customers, reducing the risk of fraud, terrorism financing, and other illegal activities.
KYC refers to the process of verifying the identity of customers and obtaining information about their source of funds. By collecting this information, businesses can:
Key Terms | Definition |
---|---|
AML | Anti-Money Laundering |
KYC | Know-Your-Customer |
CDD | Customer Due Diligence |
EDD | Enhanced Due Diligence |
Types of KYC | Description |
---|---|
Tier 1 | Basic KYC for low-risk customers |
Tier 2 | Enhanced KYC for medium-risk customers |
Tier 3 | In-depth KYC for high-risk customers |
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