As a financial institution, we have an obligation to comply with our regulatory requirements. In order to fulfill our AML and KYC policies and ensure the smooth flow of transactions, we are required to ask for information such as your identity and the source of your funds.
What is KYC?
KYC means “Know your customer”. It describes the process of verifying the identity of our customers. In other words, we must make sure that our customers are genuinely who they claim to be. The KYC process is performed to prevent illegal activities such as money laundering or fraud, in return protecting both company and you (our customer). KYC process includes identity verification and collection of additional information/documentation.
What is AML?
Anti-money laundering (AML) includes policies, laws, and regulations to prevent financial crimes and illegal activity. Global and local regulators are established worldwide to prevent financial crimes, and these regulators build policies. Companies must comply with these regulations in order to fulfil the requirements.