Know Your Customer [KYC]
KYC with regards to AML regulations is the process that financial institutions and businesses follow to verify the identity, suitability, and risks of a current or potential customer. KYC is the process of collecting identification information and verifying its validity and legitimacy in order to establish and/or maintain a business relationship. KYC regulations originated from […]
Adopting a Risk-Based Approach
A Risk-Based Approach is a method for allocating resources to the management and mitigation of ML/FT risk in accordance with the nature and degree of the risk. Both the AML-CFT Law and the AML-CFT Decision provide that the reporting entities may utilize a risk-based approach with respect to the identification and assessment of ML/FT risks.A […]