AML Anti Money Laundering, right? It is my 1st time I see it. ) Aren't KYC and AML same? I mean both of them are a verification of user or I misunderstood something?
Yes Vesna, they are sort of the same. They are performed at the same time by Prime Trust but KYC is Know Your Customer and AML is Anti Money Laundering.
Here is a good explanation that I found.
One way to think of AML is that it refers to the whole framework by which firms seek to avoid money laundering. KYC, meanwhile, is the process of identifying and verifying customers. KYC software and tools are features of the wider AML framework.
KYC is the process of identifying and verifying customers. ... It's common to hear regulated entities talking of their AML regulations, whereas vendors refer more frequently to KYC. Regulated financial institutions and law firms must comply with the most recent AML rules,
Kind Regards
Gary