About KYC/AML

Financial and economic crime can be defined as illegal acts committed by an individual or a group of individuals with the aim of achieving financial or professional gain, mainly for economic reasons. The prevention of money laundering and terrorist financing is crucial for a stable and sound financial system, and for effectively fighting all forms of serious crime. Financial institutions play a key role in this process as the gatekeepers of the financial system.

The purpose of anti-money-laundering (AML) and anti-terrorist financing legislation is to prevent crime and to keep a number of sectors, including the financial system, clean. Under this legislation, financial institutions are required to help prevent money laundering and terrorist financing. To do so, they are expected that they perform client due diligence (CDD) when they onboard clients or conduct transactions.

In short, KYC means Know Your Client and is determining the purpose and intended nature of the business relationship. This includes the client’s transaction pattern, both before and when a transaction is conducted. Based on CDD, the financial institution will decide whether the risks associated with entering into and maintaining the business relationship are acceptable.

Over the years, the KYC & AML domain developed into a specialized departments within the compliance domain. Proper KYC and AML client reviews and transaction investigations are often complex and require specific knowledge. Delta Capita strengthens KYC & AML services to our clients with experts that have this in-depth knowledge and experience