KYC and AML Verifications: An Essential (And Mandatory) Part Of Avoiding Money Laundering
Whether you work in the growing FinTech (Financial Technology) industry, or in the crypto space, such as at a crypto-based exchange, KYC (Know Your Customer) and AML (Anti Money Laundering) verifications are absolutely essential — and, even if you think you’re exempt from AML and KYC requirements, you may be wrong.
In most areas of finance, KYC and AML are mandatory — and in those which are currently mostly unregulated, like crypto exchanges, future regulations and laws are sure to require KYC and AML verification, in order to prevent money laundering. Let’s take a deeper look at this subject now.
Why Are KYC And AML So Important?
Because tracking bank accounts and monetary transactions is very helpful for allowing law enforcement agencies to recognize fraud, money laundering, and other signs of illicit activity, including tax evasion and other such crimes.
KYC and AML were designed to help these agencies track suspicious individuals, monitor transactions that are potentially fraudulent, and recognize sources of illegal funds — and catch criminals in the act.
KYC and AML are required for all banks and just about every financial institution — and cooperation is not optional. If your company handles large sums of money, and is not yet subject to KYC and AML regulations, chances are that it will be in the future. It’s just a matter of time.
If You Don’t Adopt KYC And AML Verification, You Could Face Steep Fines
This is another reason that KYC and AML verification are important. They help ensure that your business has a good reputation and works only with legitimate individuals — but also helps you avoid steep fines and penalties, should illegal activity occur.
If you can prove that you have done your due diligence, and used proper KYC and AML software in your company, you will not be subject to fines and penalties. However, if you’ve been operating outside the guidelines set forth by KYC and AML, your company could be subject to heavy civil, or even criminal penalties.
Protect Your Company — Implement Strong KYC And AML Policies Today!
Today, with Verifer platform, you can protect your company’s reputation, and ensure that any suspicious transactions are flagged and identified immediately. Implement KYC and AML today, and protect your business — and your customers!
We are offering 1 month of Free KYC for all companies, read more here: https://verifer.io/kyc_1month_campaign .
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