Know Your Customer is performed at different levels for different requirements. You can KYC individuals or businesses. For individuals, there is a Level 2 check

Know Your Customer is performed at different levels for different requirements. You can KYC individuals or businesses. For individuals, there is a Level 2 check which verifies a government issued document and a selfie holding the document. There is also a Level 3 check that includes verifying a proof of residence document like a bank statement or utility bill. The end result is reasonable confidence the individual is a legal resident of a specific jurisdiction. There is also eKYC which is a credit history and other data sources check but you don’t actually process any documents. Anti Money Laundering is a ongoing process where you subscribe to a service that searches and monitors different lists for the name and birth year of all your customers. It raises a flag for a fuzzy match. The lists range from sanctions and terrorism which should immediately freeze the customer account, to adverse media such as financial crimes which is a judgement call depending on your service, to politically exposed persons or PEP which means to be cautious about transactions that could be improper use of public funds.