Compliance, KYC, KYB and AML

Ampere's focus this week has been on banking security measures. As part of this effort, we have been improving three crucial parts of the business security measures: compliance, KYC, KYB and AML. It is essential to understand these terms and why they receive so much attention at Ampere. These enhancements will help ensure the safety and security of their customers' finances.

• Compliance is essential in business banking because it ensures banks follow all relevant laws and regulations to safeguard the financial system's safety. It includes preventing fraud, protecting data, and safeguarding consumers. Failure to comply can result in significant financial and reputational damage.
• KYC and KYB, which stand for Know your customer and Know your business, are two essential measures to prevent fraud and money laundering. KYC verifies a customer's identity before conducting business, and KYB verifies a corporate entity's identity and business activities. Both measures collect and verify the information to ensure compliance and prevent fraudulent activities. By implementing KYC and KYB, Ampere can maintain a safe and secure banking environment for customers.
• AML stands for Anti-Money Laundering, measures that prevent financial crimes and maintain the financial system's integrity. AML regulations require policies and procedures that detect and prevent money laundering activities. For Ampere customers, complying with AML regulations means providing accurate information about the business, its ownership structure, and its sources of funds.

Furthermore, as part of our partnership with Currencycloud, we have aligned our compliance procedures to ensure that we meet the highest standards for automating and optimising compliance processes. At Ampere, we are trying to eliminate human error in compliance procedures. To achieve this, we are working on fully utilising biometric verification and digital verification of documents through various databases (2+2).

We are proud to partner with Currencycloud and look forward to continuing to provide our customers with the safest and newest technologies.

Stay tuned for more updates from Ampere!