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What do you understand by KYC & AML?
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Answer Posted / devender
Know Your Customer (KYC) guidelines and Anti Money Laundering (AML)
Money launders use the banking system for cleansing ‘dirty money’ obtained from criminal activities with the objective of hiding/disguising its source. The process of money laundering involves creating a web of financial transactions so as to hide the origin and true nature of these funds.
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