KYC IS NOT AN EFFECTIVE ANTI-MONEY LAUNDERING TOOL One of the most significant findings was announced last month, as 37 were arrested with the announcement that 850,000 money mule accounts (8.5 Lakh) had been opened at 743 bank branches. Identity verification helps to establish a customer relationship. As a business owner, it may help you to reduce risk. But it does not prevent crime. As long as most humans of the people on this planet are poor, many are willing to sell their identity, bank account and much more, even if they know they are selling to criminals. Because these poor people do not really care if a rich old fat American loses their money by sending it to their Thai girlfriend who does not exist. Worrying about such things is at the very least on their Maslow's hierarchy of needs.