A comprehensive guide on the AML screening!
AML is a set of regulations, rules and procedures that are designed to prevent terrorist financing preventing criminals from getting illegally obtained money. AML contains a set of regulations to make dirty money look white or clean. AML screening portal is used to monitor the database, so that fraudulent illegal money laundering activities can be detected. So, what is AML screening? AML screening is the investigative process that is used to prevent money laundering activities. The process involves identifying the identity of the customer to prevent potential red flags. What is the difference between AML screening vs KYC? Here are a few factors that help in knowing the difference between AML screening and KYC. • Focus The full form of KYC is Know Your Customer. The goal of KYC is to verify the identity of a customer and his/her basic information. On the other hand, AML screening goes a step further and assesses the risk profiles that are associated with money laundering activiti...