• Finance

    Regulatory Roundup: Navigating Evolving AML/KYC Requirements for Transaction Monitoring

    Financial institutions are vulnerable to fraud, money laundering, and other illegal activities. Banks often implement strict Anti-Money Laundering (AML) measures to prevent these crimes. The concerned financial institution loses its reputation when a fraud case comes to light. Banks have no choice but to take measures to prevent illegal customer activities. Remember, certain regulations are in place for AML and KYC (Know Your Customer). Regulatory bodies ask financial institutions to take necessary steps to combat fraud and money laundering. Banks often pay heavy fines for violating these regulations. Continue reading to understand the changing KYC/AML regulations in Transaction Monitoring in 2024.…