Frequently Asked Questions
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The goal is to prevent financial crimes such as money laundering, terrorist financing, and identity fraud by ensuring that financial institutions know who their customers are.
Typically every 2–3 years for low-risk customers and annually for high-risk customers, depending on regulatory guidelines.
KYC focuses on verifying customer identity, while AML involves monitoring and preventing suspicious financial activities.
Penalties may include heavy fines, license revocation, and criminal prosecution depending on the severity of the violation.
By integrating RegTech (Regulatory Technology) solutions early in their product lifecycle and adhering to jurisdiction-specific guidelines.