Anti-money laundering (AML) is a set of legal compliance requirements that are implemented with the objective of combating the crimes of money laundering, terrorism financing and proliferation financing. Know Your Customer (KYC) is one such compliance requirement. It involves identifying and verifying the identity of a customer through valid, government-issued identification documents. KYC process needs to be conducted by entities regulated under the AML laws of a country.
For a greater understanding, watch our webinar on KYC requirements as a part of AML compliance in the UAE here: