I talked a little about KYC and AML that I knew.
With its sophisticated developments in the field of knowledge and technology have also encouraged the development of various crimes committed by irresponsible parties. Well, therefore, KYC and AML, safely, avoid against:
Fraud mode, for example,
This mode is called money laundering.
This Customer Principle (KYC Principle) is based on the consideration that KYC is not only important in the context of eradicating money laundering / fraud, whether it is a bounty project, or out there Compliance - anti-corruption, third party due diligence, AML, KYC and trade compliance, which good.
1. KYC and AML still have ways to effectively manage third party risks
2. KYC and AML regulations for due diligence of all users and business partners, investors, Forum Members, participating in the Bounty project, (third parties)
3. KYC and AML Implement a reliable and measurable due diligence process that includes all third parties.
It's a description from me, hopefully it can be understood ... Purpose and benefit.
Topic: KYC AND AML (Read 154 times)
KYC and AML
KYC which is an acronym for Know Your Customer as the name implies is a series of Customary Customer Profile Assessments by the Institution that tends to offer Financial Services to that Client. This Systematic approach is thus initiated so as to ascertain the legitimacy and eligibility of a Client/Customer in the said Business. In other enhanced cases a further Appraisal is conducted so as to checkmate Money Laundering better know as AML short for Anti-Money Laundering regulations whereby the Client is duly required to partake in a procedural background profiling with Standardized regulations that are in Full Compliance with the Financial Action Task Force (Circa. 1989) and the International Monetary Fund (Circa. 2000) both of which are Global Anti-Money Laundering Organizations.
Major Difference
The most significant difference between a KYC as well as an AML is the method of processing whereas KYC is a set of inquiries that only requires the basic Information about the Client as well as a means to verify the authenticity of every detail such as a Utility bill to ascertain the Client's address, Full Name, Country of Origin and Residence, A Government issued Mode of Identification such as Driver's License, National Identity Card and International Passport while AML on the other hand requires majorly the Client's Vocation, Financial records as well as their various sources of Income if more than one. KYC procedures are set to create an avenue for these Financial Institutions to better understand the kind of Customers they are dealing with where as AML is specifically set aside to check if the Client has not partook in any form of illegal act in the past and also any other activity that is complicit with such crimes as money laundering, sale of illegal commodities, market manipulations as well as tax evasion and misappropriation of public funds all of which are detrimental to a country's economical standing.
Notable Similarities
As stated above both the KYC and AML procedures and regulations are being established so as to prevent the misappropriation of funds as well as to channel these funds to productive aspects of the economy in order to sustenance and bolster the purchasing power of a Countries' Legal Tender on a term basis. The Major reason for conducting both KYC and AML is as a result of the fact that Money Laundering works in concurrence with Terrorism therefore curtailing the former would go a long way in diminishing the latter.
KYC which is an acronym for Know Your Customer as the name implies is a series of Customary Customer Profile Assessments by the Institution that tends to offer Financial Services to that Client. This Systematic approach is thus initiated so as to ascertain the legitimacy and eligibility of a Client/Customer in the said Business. In other enhanced cases a further Appraisal is conducted so as to checkmate Money Laundering better know as AML short for Anti-Money Laundering regulations whereby the Client is duly required to partake in a procedural background profiling with Standardized regulations that are in Full Compliance with the Financial Action Task Force (Circa. 1989) and the International Monetary Fund (Circa. 2000) both of which are Global Anti-Money Laundering Organizations.
Major Difference
The most significant difference between a KYC as well as an AML is the method of processing whereas KYC is a set of inquiries that only requires the basic Information about the Client as well as a means to verify the authenticity of every detail such as a Utility bill to ascertain the Client's address, Full Name, Country of Origin and Residence, A Government issued Mode of Identification such as Driver's License, National Identity Card and International Passport while AML on the other hand requires majorly the Client's Vocation, Financial records as well as their various sources of Income if more than one. KYC procedures are set to create an avenue for these Financial Institutions to better understand the kind of Customers they are dealing with where as AML is specifically set aside to check if the Client has not partook in any form of illegal act in the past and also any other activity that is complicit with such crimes as money laundering, sale of illegal commodities, market manipulations as well as tax evasion and misappropriation of public funds all of which are detrimental to a country's economical standing.
Notable Similarities
As stated above both the KYC and AML procedures and regulations are being established so as to prevent the misappropriation of funds as well as to channel these funds to productive aspects of the economy in order to sustenance and bolster the purchasing power of a Countries' Legal Tender on a term basis. The Major reason for conducting both KYC and AML is as a result of the fact that Money Laundering works in concurrence with Terrorism therefore curtailing the former would go a long way in diminishing the latter.
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