KYC and AML Screening Process

KYC AML Process
KYC AML process.jpg
Did you know that there is a process for KYC and AML? It may be confusing when you do not know well about the KYC and AML process flow. In this article, we will cover how the identity verification process flows along with Anti-money laundering screening.

KYC first, and then AML Screening

KYC(Know Your Customer) is verifying individuals’ personal identities. The process is simple and easy as users go through minimal steps, submitting an ID card and a selfie photo. Once the KYC is done and his/her identity is verified, then we move on to the next step, AML Screening.
This means that when the KYC process is not finished or KYC got rejected asking to try again, then it cannot move on to the AML screening step. In order to screen the individual from the AML database, KYC must be approved. Pending or rejected KYC projects cannot go through the further step.

Approved KYC does not mean free from Money Laundering Risk

Approved KYC is followed by AML screening. The screening process checks whether the KYC-approved applicant matches the person in the AML database. Client companies may prevent money laundering by deciding who can onboard immediately and who needs an additional check.
KYC-approved customers are checked and identified as how they claim to be. However, in the KYC stage, we do not know whether the person is free from money laundering risk chance. KYC only lets you know the person is who they say is with the submitted ID card and a selfie photo. We can distinguish if the person is safe from money laundering possibilities at the next stage which is AML screening.

Individual service: KYC and AML Screening

AML Screening is done to the approved KYC during the onboarding step. It is done only one time. If the client customers wish to check money laundering risk to their customers, we offer AML Only service.
Argos KYC offers ‘KYC + AML Screening’ service which is widely used by our current customers globally. Individual service purchase is also available at your own preference.
keywords: KYC, AML, AML Screening, KYC process, process flow, identity verification process