A STUDY ON AWARENESS ABOUT KNOW YOUR CUSTOMER (KYC) AND ANTI MONEY LAUNDERING (AML) WITH SPECIAL REFERENCE TO GUJARAT
DOI:
https://doi.org/10.55829/0kyf0983Keywords:
Know Your Customer (KYC) and Anti-Money Laundering (AML), financial awareness, compliance, Gujarat, money launderingAbstract
This research explores awareness and understanding of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations among individuals and businesses in Gujarat, India. The study employs a mixed-methods approach, combining primary data collected through surveys of 153 respondents and secondary research from relevant literature and industry reports. Key findings indicate high levels of awareness (89.54% for KYC and 78.43% for AML), with significant disparities in compliance practices and perceptions. Privacy concerns, infrequent updates to KYC documentation, and a limited understanding of AML objectives were notable challenges. Recommendations include public awareness initiatives, streamlined compliance processes, and robust data protection measures. The study offers valuable insights for policymakers, financial institutions, and researchers aiming to strengthen financial integrity and mitigate economic crimes.
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