{"id":9051,"date":"2023-11-04T09:57:57","date_gmt":"2023-11-04T13:57:57","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=9051"},"modified":"2023-11-04T09:57:59","modified_gmt":"2023-11-04T13:57:59","slug":"what-is-know-your-transaction-kyt","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/learn\/payments-wiki\/what-is-know-your-transaction-kyt\/","title":{"rendered":"What is Know Your Transaction (KYT)?"},"content":{"rendered":"\n
Know Your Transaction (KYT)<\/strong> is an anti-money laundering (AML) and compliance procedure that focuses on understanding the nature and pattern of customer transactions. Its purpose is to monitor and assess the risk levels of the transactions that take place through a financial institution. This process helps in detecting and preventing fraudulent activities, money laundering, and other financial crimes.<\/p>\n\n\n\n How KYT Differs from KYC and KYB:<\/strong><\/p>\n\n\n\n Where KYT is Used:<\/strong><\/p>\n\n\n\n KYT is used in various sectors within the financial industry:<\/p>\n\n\n\n KYT Example Walkthrough:<\/strong><\/p>\n\n\n\n Imagine a customer named Alice who regularly sends money overseas using a money transfer service. Here’s how KYT might work for her:<\/p>\n\n\n\n In this example, KYT enables the money transfer service to act proactively to prevent potential financial crime. The process is designed to protect both the financial institution and its customers, ensuring compliance with AML regulations and maintaining the integrity of the financial system.<\/p>\n","protected":false},"excerpt":{"rendered":" Know Your Transaction (KYT) is an anti-money laundering (AML) and compliance procedure that focuses on understanding the nature and pattern of customer transactions. Its purpose is to monitor and assess the risk levels of the transactions that take place through a financial institution. This process helps in detecting and preventing fraudulent activities, money laundering, and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3611,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":" Know Your Transaction (KYT) is an anti-money laundering (AML) and compliance procedure that focuses on understanding the nature and pattern of customer transactions. Its purpose is to monitor and assess the risk levels of the transactions that take place through a financial institution. This process helps in detecting and preventing fraudulent activities, money laundering, and other financial crimes. How KYT Differs from KYC and KYB: Know Your Customer (KYC): This is the process of verifying the identity of the clients. KYC involves checking customer’s identity documents, understanding their financial behavior, and assessing their risk factors. It’s about knowing who the…<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":" Know Your Transaction (KYT) is an anti-money laundering (AML) and compliance procedure that focuses on understanding the nature and pattern of customer transactions. Its purpose is to monitor and assess the risk levels of the transactions that take place through a financial institution. This process helps in detecting and preventing fraudulent activities, money laundering, and other financial crimes. How KYT Differs from KYC and KYB: Know Your Customer (KYC): This is the process of verifying the identity of the clients. KYC involves checking customer’s identity documents, understanding their financial behavior, and assessing their risk factors. It’s about knowing who the…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"\n\n
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