Anti-Money Laundering (AML)
Banks monitor KYC data for anti-money laundering (AML) and checks relating to combating the financing of terrorism (CFT). Specialized software such as names analysis software and risk scoring algorithm software is used for this purpose. Typically, these software systems will identify potentially suspicious or risky customer accounts and create "alerts" which are then subject to manual due diligence or Enhanced Due Diligence (EDD) - an investigative processes.
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