Know Your Customer (KYC) and Anti-Money Laundering (AML) are critical components of responsible banking. They ensure compliance with regulatory standards and protect institutions from financial crimes.
What Is KYC?
KYC involves verifying the identity of clients, understanding their financial activities, and assessing risk. It is the foundation for customer onboarding and monitoring.
What Is AML?
AML includes the processes and regulations used to detect and report suspicious financial activities that could be linked to money laundering or terrorism financing.
Why It Matters:
Compliance protects the bank’s reputation and integrity.
It helps prevent fraud and financial misuse.
It fulfills legal obligations, avoiding penalties.
Your Role:
Always follow client verification protocols.
Report red flags using the correct channels.
Stay updated through Access Academy’s compliance modules.
Understanding and practicing KYC/AML safeguards not only the institution but also the larger financial ecosystem.
