What do you know about AML AND KYC and Why are they required

Question

Accepted Answer

AML and KYC are regulatory compliance measures to prevent money laundering and terrorist financing.

AML stands for Anti-Money Laundering and KYC stands for Know Your Customer.
AML and KYC are required by financial institutions to prevent money laundering, terrorist financing, and other financial crimes.
AML and KYC regulations require financial institutions to verify the identity of their customers, monitor their transactions, and report any suspicious activity to the authorities.
Examples of AML and KYC measures include customer due diligence, transaction monitoring, and risk assessment.
Failure to comply with AML and KYC regulations can result in hefty fines, legal action, and damage to the reputation of the financial institution.

Accepted Answer

AML refers to all efforts involved in preventing monkey laundering. KYL refers to customer indentification and screening and ensuring.The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.

What do you know about AML AND KYC and Why are they required

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