{"id":10365,"date":"2024-01-18T13:43:33","date_gmt":"2024-01-18T13:43:33","guid":{"rendered":"https:\/\/friendsoftoms.org\/?p=10365"},"modified":"2024-01-21T14:08:41","modified_gmt":"2024-01-21T14:08:41","slug":"must-know-kyc-and-aml-compliance-strategies","status":"publish","type":"post","link":"https:\/\/friendsoftoms.org\/must-know-kyc-and-aml-compliance-strategies\/","title":{"rendered":"5 Must-Know KYC and AML Compliance Strategies to Prevent Fraud"},"content":{"rendered":"

Money laundering is growing every year with the digital boom across the globe, and that’s why KYC and AML compliance strategies are something you need to know with these rising fraudulent activities.<\/span><\/p>\n

According to reports of a professional and reputed organization of fraud examiners – ACFE (Association of Certified Fraud Examiners) in 2022 claimed that 5% of corporate revenue or the global GDP is lost every year due to fraud. In other words, the annual estimated amount of money laundering is almost $800 billion. Additionally, this estimates US $4.7 trillion globally.<\/span><\/p>\n

Therefore, it becomes essential for organizations to have a keen eye and stay updated with this ever-changing and fast-growing money laundering and regulatory developments to prevent financial crime.<\/span><\/p>\n

This article intends to offer a detailed outlook of the significance of <\/span>KYC and AML<\/b><\/a>, the need for their compliance, and the tools\/strategies available to ensure regulatory compliance and<\/span> mitigate risks.<\/span><\/p>\n

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