Forex and Crypto Glossary

KYC, or know your customer, refers to customer checks that commonly include identifying and verifying the customer. AML, or anti-money laundering, is the wider framework for preventing, detecting and reporting money laundering. Covered services can also have duties concerning terrorist financing. The required checks and duties depend on applicable rules.

Example: Checking an identity document is one customer check. Detecting unusual activity, keeping records and reporting concerns belong to a wider compliance process; KYC and AML are related, not identical.

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