The vast majority of financial institutions maintain a long list of rules to combat the laundering of assets within their execution or due diligence manuals.
This is because financial organizations are subject to a multiplicity of daily transactions and this increases their risk substantially.
AML's systems or guides are based on the rules themselves that are born their experiences with clients or transactions and it is here that they strengthen their normative structures.
Knowing the KYC processes are critical for effective monitoring of AML activities
KYC (acronym to meet your client) refers to the ways and means used by businesses to:
- Identify your client
- Understand the nature of your customers ' activities.
- To have access to these activities of risk of the client and so to know as it arrives to perpretar its activity
