Tag Archives: kyc aml checks

What is KYC & AML?

AML/KYC compliance is obligatory for banks, financial institutions, and every business dealing with money. Having automated KYC checks in place can empower businesses to ensure frictionless customer onboarding while combating identity theft, and allowing customers to carry out transactions from anywhere, anytime.

If you want to know about the kyc aml checks verification process, then you can check various online sources.

Customer Due Diligence for Banks

Unlike other businesses, banks need an adequate client due diligence process to identify high-risk customers while combating identity theft and preventing financial crimes.

Meet your KYC due diligence requirements through a digital KYC identity verification solution. Deliver convenient services to your customers and build trust in your business through Shufti Pro compliance solutions.

Know Your Customer guidelines help financial institutions avoid illicit transactions by enhancing their view of both their clients and their client's business relationships. The laws boil down to the simple concept that by verifying customer identities and evaluating risk factors, banks can inhibit money laundering, terrorism financing, and fraud schemes.

There are two important categories of KYC guidelines, Customer Due Diligence (CDD) and the Customer Identification Program (CIP). Both are required by Title III of the Patriot Act and place responsibility on the institutions to follow the laws, which are enforced by The Financial Crimes Enforcement Network (FinCEN).