What is AML CFT & KYC policy?

The purpose of “AML, CFT & KYC Policy”, (“the Policy”), is to provide guidance on the Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CFT”), and Know your Client (“KYC") proce-dures which are followed by the Company in order to achieve full compliance with the relevant AML and CTF legislation.

What is AML KYC compliance?

The AML KYC compliance process is a series of steps, some of which are continuous processes, that financial institutions undertake to verify and understand their customers’ identities. It’s a fundamental process that helps to ensure compliance with regulations and prevent money laundering, terrorist financing, and other illicit activities.

What is the difference between AML and KYC?

AML is a set of measures that financial organizations must put in place to prevent financial crimes from happening. KYC is one of the AML measures used by the organizations to collect information about their customers and verify their identities. The type of identifying customer information collected during the KYC process includes: