What are KYC, Due Diligence and AML?
In today’s increasingly regulated business environment, understanding the terms Know Your Customer (KYC), Due Diligence, and Anti-Money Laundering (AML) is essential for organizations around the world. These processes play a crucial role in combating financial crimes, ensuring regulatory compliance, and safeguarding businesses from the risks associated with money laundering, terrorism financing, and other illicit activities. Financial institutions, corporations, and various businesses are required to follow these guidelines to protect themselves and the global economy from the impacts of these unlawful practices.