What is AML and KYC?

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Accepted Answer

AML and KYC are measures taken by financial institutions to prevent money laundering and verify the identity of their clients.

AML stands for Anti-Money Laundering and refers to the policies, procedures, and regulations put in place by financial institutions to prevent the illegal generation of income.
KYC stands for Know Your Customer and refers to the process of verifying the identity of clients to ensure they are who they claim to be.
AML and KYC are important measures to prevent financial crimes such as money laundering, terrorist financing, and fraud.
Examples of AML and KYC measures include customer due diligence, transaction monitoring, and suspicious activity reporting.
Financial institutions are required by law to comply with AML and KYC regulations to prevent financial crimes and protect their reputation.

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