AML

We ensure AML compliance through the following:

Know Your Transaction (KYT)

Know Your Transaction (KYT) stands as an integral process within financial institutions and is instrumental in the meticulous monitoring and tracking of financial transactions. The primary objective of KYT is to detect and prevent illicit activities such as money laundering and terrorist financing, which result in safeguarding the integrity of the financial system.

The significance of KYT lies in its role as a compliance tool ensuring adherence to anti-money laundering (AML) regulations. Furthermore, it serves to protect the reputation of financial institutions while mitigating the risk of unwittingly facilitating illegal activities. Non-compliance with KYT procedures could expose financial institutions to legal ramifications, financial losses and reputational damage.

Beyond regulatory compliance, KYT contributes to the broader goals of promoting transparency and accountability in the financial landscape. By diligently monitoring transactions and identifying anomalous patterns, financial institutions actively participate in the prevention of illicit fund flows and the disruption of criminal networks. The adherence to KYT principles thus emerges as a fundamental component in upholding the integrity and stability of the global economy.

Ongoing Monitoring

Ongoing monitoring is a crucial element in KYT involving continuous scrutiny of customer transactions. This real-time oversight, facilitated by automated systems, helps swiftly detect changes in transaction patterns or customer behaviour, which ensures prompt identification of potential risks like money laundering and other financial crimes.

PEPs (Politically Exposed Persons) and Sanctions

Identifying PEPs and adhering to sanction lists are pivotal in KYT. Financial institutions implement enhanced due diligence to identify and scrutinise PEPs given their higher risk. Simultaneously, ongoing screening against global sanctions lists ensures rapid detection and reporting of transactions involving sanctioned entities, therefore aligning with international regulatory requirements and bolstering efforts to combat financial crimes.