KYC (Know Your Customer) for NBFI is a set of processes and procedures that non-banking financial institutions, use to verify the identity of their clients and assess their potential risks. It involves collecting identifying information from customers, such as their name, address, date of birth, and government-issued identification documents AML (Anti-Money Laundering ) for NBFI are policies which help to identify and prevent money laundering by detecting and reporting suspicious activities. NBFI are required to implement AML policies and procedures to ensure they are compliant with regulatory requirements, which can include things like customer due diligence, transaction monitoring, and reporting of suspicious transactions.