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Can proper KYC can reduce AML?

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Question added by gaurav kauthankar , Teller , hdfc bank
Date Posted: 2013/07/21
Ganga Prasad Khanal
by Ganga Prasad Khanal , Branch Manager , Bandhan Bank limited

Yes, and proper KYC along with due degilence and Customer point verification can reduce AML to a great extent.

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Yes, detail KYC profile reduce the AML risk to a certain extent, it helps monitoring team to understand the financial transaction and can alert Compliance dept if the team find any suspicious or unusual transactions.

Hari Balaji
by Hari Balaji , WHOLESALE CREDIT RISK ANALYST , HDFC BANK

KYC is the first hand documentation proof for the customer , KYC with Customer Due Diligence will enable us to identify only the AML Risk Score,(documentation and physical proofs can be manipulated) But Money Laundering can be identified and stop by monitoring account transactions keenly.

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