An Introductory Guide to AML and KYC Compliance

An Introductory Guide to AML and KYC Compliance

The KYC and AML compliance requirements are impacting businesses globally who are now having to comply with AML regulations due to now fall under in scope regulated industries, so now is the perfect time to review and implement better AML/KYC programs. But given these new requirements, implementing a sound AML and KYC program may seem overwhelming at first but that is precisely why you need an expert pair of hands to help you through this journey.

KYC Lookup is a great place to learn everything about Anti Money Laundering and Know Your Customer. Our AML/KYC courses are a great place to start. During the course of the online trainings you will learn the basics of AML and KYC compliance.

This article aims to give you basic knowledge of AML/KYC. Also, it will teach you more in detail how KYC Lookup can guide you in the AML and KYC process. So, sit back relax and let’s explore the world of AML/KYC.

What is KYC Compliance?

Know Your Customer is an identification procedure for customers and specifically those conducting bank transactions. The procedure is designed to ensure that the person appearing before the bank for a transaction is the person he/she claims to be.

KYC involves collecting information from the individual customer such as his/her name, address and proof of address, as well as details about their identity such as proof of identity or Source of Wealth. In the case of corporate customers the KYC process will require information such as incorporation certificate, beneficial ownership, directors or more depending on the type of entity.

KYC in some cases can be seen as difficult, lengthy and a complex process. That’s why many industries, still up to this day, continue to have a broken KYC compliance program. As local AML regulations are new to many industries now having to comply with the rules they can find it hard to implement it successfully within their business.

KYC Lookup provides KYC courses which help to get a basic understanding of the regulations. Also, with our KYC training courses, you will get all the necessary information needed to implement the process successfully within your business.

What is AML Compliance?

AML stands for Anti Money Laundering which is a government policy designed to eliminate money laundering and terrorism financing. Governments around the world want to eliminate illicit financial crimes such as fraud, tax evasion and human trafficking from exchanging hands or cross boarding where it’s impossible to follow the money trail. AML compliance ensures that businesses do not facilitate these crimes by protecting themselves against criminals and terrorists who launder money through their businesses.

The AML compliance process also aims to ensure that companies in regulated industries are not involved in any money laundering activity or terrorist financing activities. This process is more complicated because businesses must actively seek out suspicious activity within their organization and their customer portfolios.

To get a better knowledge of AML compliance, KYC Lookup’s AML course and training courses will help to get you started on the right track. The anti-money laundering courses also help equip you with all the information you will need to be successful in implementing the process within your organization.

Final Thought

In conclusion, KYC and AML compliance is critical for all businesses in regulated industries or sectors because they contribute to eliminating crimes such as money laundering and terrorism financing. Though they are critical, they are also very complex and confusing in some cases to implement within a business if the requirements from regulators is not understood.

That is why you should take advantage of KYC Lookup’s training courses to help you succeed in the AML/KYC industry.

KYC Lookup has a team of highly skilled experts who will help to fully understand and implement a sound AML program if required. KYC Certification Courses and anti-money laundering certification courses are built on the expertise gained over the last 15 years. The AML compliance training courses also provides you with all the necessary tools to start a robust compliance culture within your organization.

For more information on all AML/KYC courses offered by KYC Lookup please visit our course page which can be found below.


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