Self introduction What is AML, KYC and Sanction Screening

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AML, KYC and Sanction Screening are measures taken by financial institutions to prevent money laundering, terrorist financing and other illegal activities.

AML stands for Anti-Money Laundering and refers to the policies, procedures and regulations put in place by financial institutions to prevent, detect and report money laundering activities.
KYC stands for Know Your Customer and refers to the process of verifying the identity of a customer before providing them with financial services.
Sanction Screening refers to the process of checking if a customer or transaction is on a list of sanctioned individuals or entities, which are prohibited from doing business with financial institutions.
These measures are important for financial institutions to comply with regulations and prevent illegal activities such as money laundering and terrorist financing.
Examples of AML measures include customer due diligence, transaction monitoring and reporting suspicious activities to authorities.
Examples of KYC measures include verifying customer identity through documents such as passports and driver's licenses.
Examples of Sanction Screening measures include checking customer names against government lists of sanctioned individuals and entities.

Self introduction What is AML, KYC and Sanction Screening

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