Saturday, December 10, 2022

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Global Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) Standard

Why KYC and AML:

IJJCorp offers a private network to Governments and Nonprofit organizations. It places every member in association with unknowns who may use the eCETP ecosystem to commit any infractions directly or indirectly; it’s not the action of the bad actor. It is associated with the same environment.

The safeguard for reputation and integrity of prominent members, plus the commerce requires a high degree of investigation, scanning of data sources, and constant profile reviews on existing members to prevent Bad Actors from becoming a member.

What is the difference between KYC and AML?

KYC refers specifically to identity verification and risk assessment. In contrast, AML could use a much more comprehensive range of techniques (such as transaction monitoring, enhanced due diligence, sanctions & PEP screening, and more) to monitor risk during and after KYC checks. Ultimately, KYC is a part of AML.