Author: Tayyab Ch

KYC is a process of verifying customers to prevent fraud. It is mainly used by companies and businesses, especially financial institutions. This particular process is designed to combat illegal thefts like money laundering and terrorist financing. Besides, customers are verified by collecting information like date of birth, address, bills, ID numbers, and more. The customers are also verified by using their personal and professional data. This data is used to verify whether the new customer is involved in any illegal activity or not because it will affect the reputation of the company and will lead to destruction. Its purpose is…

In 2023, Mexico’s risk score for money laundering and counter-financing of terrorism saw a slight increase to 5.21, which reflects ongoing vulnerabilities in its financial system. This uptick from 5.2 the previous year and the peak of 5.75 in 2017 illustrates the persistent challenges faced in curbing illicit economic activities. Potent AML measures are necessary to address these menaces. By strengthening AML frameworks, financial institutions can better protect themselves against money laundering and terror funding threats, ensuring a more secure and resilient economic environment. What is Anti-Money Laundering? Financial institutions and relevant departments define anti-money laundering as a group of…