Read all about Compliance and Money Laundering Prevention, lawyers, entrepreneurs and public officials in the traditional financial market and fintech.
In the financial and regulatory compliance world, another important term that has been gaining relevance is KYB, which means “Know Your Business” or “Know Your Company” in Spanish. But what exactly does KYB entail? Why is it essential for financial institutions and how is it applied in practice? We are going to dive into this concept to understand its meaning and its importance in the business context.
In the world of compliance management, another important term that is frequently heard is AML, for its acronym in English, “Anti-Money Laundering”, which in Spanish translates to “Prevention of Money Laundering” (PLD). But what does AML really mean? Why is it so crucial for businesses and the financial system in general? And most importantly, how do you help prevent illegal financial activities? AML, or anti-money laundering, is a set of measures and regulations designed to prevent and detect activities related to money laundering and the financing of terrorism. Money laundering is the process by which individuals or entities attempt to hide the illicit origin of funds obtained through criminal activities, such as drug trafficking, corruption or fraud.
There is a lot of talk about the acronym KYC, which refer to the “Know Your Customer” process, or “know your customer”, but very rarely do we find information about where the term comes from, what you really need to know and what regulations you have to comply with, whether you are an Obligated Subject or not.
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