Although the two terms are often used interchangeably, there’s a difference between Anti-Money Laundering (AML) compliance and Know-Your-Customer (KYC) compliance. 

• KYC Compliance focuses on the procedures related to identifying a customer’s identity and ensuring that they are who they claim to be. Although requirements vary between jurisdictions, businesses are typically required to collect and verify customer information before establishing a relationship with them.  
• AML compliance refers to rules, regulations, and procedures that businesses must follow in order to prevent money laundering, terrorist financing, fraud and other financial crimes as specified in the EU’s Anti-Money Laundering Directive (AMLD) and the US AML Act of 2020. AML encompasses a broad range of activities, including the detection, monitoring, and reporting of suspicious transactions.