KYC, or “know your customer,” is a process used by businesses to verify the identity of their clients and assess their potential risks for money laundering or financing terrorism. AML, or “anti-money laundering,” refers to the laws, regulations, and procedures that businesses put in place to prevent and detect money laundering. News Stories on KYC …
News Stories on art & jewelry brands practicing KYC & AML Read More »
Risks to Art & Jewellery business Art and jewelry dealers are often at risk of encountering illegal financial activity in their business. This can take many forms, including money laundering, tax evasion, and illicit sales of stolen or smuggled goods. It is important for dealers to be vigilant and take steps to detect and prevent …
How Art and Jewelry Dealers Detect & Report Suspicious Activity? Read More »
It is important for businesses in the art and jewelry industry to implement effective Know Your Customer (KYC) and Anti-Money Laundering (AML) programs in order to identify and mitigate financial crime risks, and to comply with regulatory requirements. Here are a few examples of successful KYC and AML programs in the art and jewelry industry: …
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Implementing an effective Know Your Customer (KYC) process in banking is crucial for identifying and mitigating financial crime risks, and for complying with regulatory requirements. Here are some steps that financial institutions can take to implement an effective KYC process: Collecting and verifying customer information: Financial institutions typically collect and verify a range of information …
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Regulatory bodies play a crucial role in shaping and enforcing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and standards. These regulatory bodies are responsible for setting the rules and guidelines that financial institutions must follow when conducting KYC and AML processes, and for enforcing compliance with these rules and guidelines. In this article, …
Technology has played a significant role in automating and streamlining Know Your Customer (KYC) and Anti-Money Laundering (AML) processes in the financial industry. By using advanced technologies, financial institutions can more efficiently gather, verify, and analyze customer information, and can more effectively identify and mitigate financial crime risks. In this essay, we will explore the …
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Why Ongoing Monitoring is important in KYC & AML Ongoing monitoring is a critical component of Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, and is essential for helping financial institutions identify and mitigate financial crime risks. By continuously monitoring their customers and transactions, financial institutions can identify unusual or suspicious activity that may …
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What is Customer Due Diligence (CDD)? Customer due diligence (CDD) is a key component of Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, and is designed to help financial institutions identify and assess the risks associated with their customers. CDD involves gathering and verifying information about a customer’s identity, financial history, and business activities, …
The Trend of Remote KYC & AML Conducting Know Your Customer (KYC) and Anti-Money Laundering (AML) processes remotely has become increasingly common in recent years, due to the convenience and efficiency it offers. However, remote KYC and AML also present a number of risks and challenges that financial institutions must carefully consider. In this article, …
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Since the last decade, Regulatory bodies have faced challenges in fighting Money Laundering. Regulatory Bodies like European Union seem highly committed to knowing everything about the clients for keeping strong checks. For this purpose, they have initiated a periodic practice called Anti Money Laundering Directives. Basically, these are the regulatory requirements implemented by the European …
Evolution Of Anti Money Laundering Directives: Key Advancements You Need To Know Read More »
