Improving KYC

Generative artificial intelligence (GenAI) is the most significant tech hype nowadays. Large language models became standard productivity tools, and new startups promise to revolutionize industries with GenAI.

Know Your Customer (KYC) is essential to the modern anti-money laundering framework. KYC guidelines are designed to prevent banks and other regulated companies from being used for illicit activities and serve as a starting point for other anti-money laundering measures.

Money laundering takes different forms and varies by scale. The bigger the reward, the more creative money launderers should be to stay under the radar of the financial compliance system. While some schemes seem obvious, others remain secret until they are accidentally revealed.

This publication is dedicated to the basic concepts of financial compliance, such as KYC, AML, and others. We are going to start from the basics: compliance itself and Know Your Customer procedures.

The concept of a “politically exposed person” (PEP) is one of the fundamentals of anti-money laundering and counter-terrorist financing compliance.

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