AML (Anti-Money Laundry) and KYC (Know Your Customer) are two processes used by financial institutions to protect against fraud and money laundering.
AML focuses on identifying, preventing, and reporting suspicious financial transactions.
KYC is a customer identification process that involves verifying the identity of customers to ensure they are who they say they are.
Both processes are designed to protect financial institutions from criminal activities such as money laundering, financial fraud, and terrorism financing.