Anti-Money Laundering in Banking and Finance
The technological advancements led to a 360-degree change in the world. Banks and financial institutions have also evolved through it. Obviously, there are unparalleled examples of their benefits over their complications. But, the threats of fraud and cybercrimes like money laundering can never be neglected. On average, most banks deal in millions of transactions, and it's very easy for fraudsters to dig loopholes into the system. That is when there arises a need for AML monitoring . Today, all banks, financial institutions, and even large-scale businesses have incorporated anti-money laundering transaction monitoring into their work. They have devised measures to minimize the threats and develop a precocious system against money launderers. It is generally done through KYCs, customer screening, and transactions, customer due diligence, suspicious activity reporting, etc. Know Your Customer (KYC) Know Your Customer (KYC) is an advanced approach that helps identify and verify a cu...