Are KYC and AML the same?
KYC and AML are different but interlinked concepts. Anti-money laundering (AML) regulatory framework in a country aims to prevent the crimes of money laundering, terrorism financing and proliferation financing. Know Your Customer (KYC) is a part of AML compliance obligations for businesses and entities regulated under the AML laws of a country. It obligates businesses and entities to identify and verify the identity of their customers.
To know more about the KYC requirements under AML regulations in the UAE, check out our infographic here: