AML is an umbrella term for the wide range of regulatory processes firms must have in place to meet their regulatory requirements .The most significant aspects of AML is the policies that are formulated taking into consideration all the financial crime risks that can be posed by a potential customer and must be mitigated by implementing a risk based approach.
KYC is a subset of the AML framework that consists of firms verifying their customers’ identity. KYC allows firms to take a risk based approach to AML so they know who their customers are, and what level of Money Laundering (ML) risk they present.
In cases where a customer presents a particularly high risk of ML, the KYC process should involve Enhanced Due Diligence (EDD), which may involve:
1. Collecting additional customer information and documents
2. Validating the source of funds & source of wealth
3. Analyzing and investigating the purpose of transactions and the nature of business relationships
4. Implementing ongoing monitoring procedures
AML is the bigger picture and KYC is one of the pillars of it but is significant and can rupture the entire AML framework if not performed accurately. “
In this world where competition is touching heights, the uprising technology and studying of financial crime compliance and critical risk management is the most competitive and fastest-growing skill in demand. It requires a strong set of skills to be adhered such as aligning the company procedures with laws and regulations along with assisting business lines to comply with the local laws and regulations, planning and controlling the activities of Know Your Customer (KYC) to enhance and improve the quality of secured business and providing assistance to frontline staff and compliance teams. These were few strict yet overwhelming set of skills are required and Mr. Kerem Ataman, Compliance Lead in Dubai, possess these set of skills which have been improved within the 8 years of experience.
He shows a great deal of enthusiasm in sharing his experience in his field and challenging himself to enhance his skills. One can never stop learning, it’s just take a wish and will to do that. He has shown that interest, hard work, and the right motivation to ace a skills always results in a fruitful tree of opportunities to grow and conquer the dreams one has set for himself.
To know more about compliance news, Check out Kerem Ataman’s profile on LinkedIn
LinkedIn: Profile of Kerem Ataman (https://www.linkedin.com/in/kerem-ataman-b52108103 )