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KYC or Know Your Customer or Know Your Client is one of the components of the AML process and refers to understanding clients and figuring out potential risks associated with them. This includes, among other measures, verifying your identity.
KYC is a mandatory and crucial procedure for financial institutions as well as non-financial institutions.

AML or Anti-money Laundering are legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. The aim is to prevent businesses from being used by criminal elements for money laundering.
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