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Client onboarding in AML (Anti-Money Laundering) refers to the checks and processes designed to prevent financial crime. It involves collecting identifying information, verifying identity, and screening clients against watchlists, sanctions, and politically exposed persons (PEP) databases. The goal is to ensure clients are not using financial institutions to launder money, finance terrorism, or commit fraud. AML-focused onboarding is risk-based, meaning higher-risk clients undergo enhanced due diligence. Embedding AML into onboarding protects both the financial institution and the wider financial system from illegal activities.
