what do you know about sanctions, AML and KYC

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Sanctions, AML, and KYC are regulatory measures used in the financial industry to prevent money laundering and terrorist financing.

Sanctions are restrictions imposed on individuals, entities, or countries to achieve specific foreign policy or national security objectives.
AML (Anti-Money Laundering) refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
KYC (Know Your Customer) is the process of verifying the identity of clients and assessing their suitability, along with the potential risks of illegal intentions through their financial transactions.
Examples of sanctions include asset freezes, travel bans, and trade restrictions imposed by governments or international organizations.
AML measures include customer due diligence, transaction monitoring, and reporting suspicious activities to regulatory authorities.
KYC procedures involve collecting personal information, verifying identities, and assessing the risk level of clients based on their financial activities.

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