What is aml, ml, kyc, SOF/sow, pep, SOF example?

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AML stands for Anti-Money Laundering, ML stands for Money Laundering, KYC stands for Know Your Customer, SOF/SOW stands for Source of Funds/Source of Wealth, PEP stands for Politically Exposed Person.

AML is the process of preventing, detecting, and reporting financial crimes like money laundering and terrorist financing.
ML is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.
KYC is the process of verifying the identity of customers to prevent fraud, money laundering, and terrorist financing.
SOF/SOW refers to the documentation and verification of the legitimate sources of a customer's funds and wealth.
PEP are individuals who are or have been entrusted with prominent public functions, making them vulnerable to corruption.
Example of SOF: Providing bank statements or proof of income to show the legitimate source of funds.

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What is aml, ml, kyc, SOF/sow, pep, SOF example?

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