{"id":266143,"date":"2024-10-01T11:04:31","date_gmt":"2024-10-01T11:04:31","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=266143"},"modified":"2025-09-01T16:52:35","modified_gmt":"2025-09-01T16:52:35","slug":"aml-kyc-in-investment-banking","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/aml-kyc-in-investment-banking\/","title":{"rendered":"Banking Essentials: AML &#038; KYC in Investment Banking and their Importance in 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Several risks exist in the high-stakes world of investment banking, where billions are transacted daily. Anti-Money Laundering (AML) and Know Your Customer (KYC) are essential to protect the financial system and prevent illegal activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While these regulations may seem like a burden to some, they are the foundation of a solid and reliable financial infrastructure. Keep reading this to learn how AML &amp; KYC are vital in investing banking.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is AML<\/span><span style=\"font-weight: 400;\">?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Anti-Money Laundering (AML) is a set of laws, regulations and processes to prevent and detect illegal activity involving the movement of \u201cdirty money\u201d. This dirty money often comes from criminal activity such as drug trafficking, human trafficking, corruption and terrorism.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main objectives of AML are to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prevent the use of the financial system to launder the proceeds of crime.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Detect and report suspicious activity to the authorities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Protect the integrity of the financial system.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">What Does <\/span><span style=\"font-weight: 400;\">AML in Investment Banking<\/span><span style=\"font-weight: 400;\"> Consist of?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Here are some of the main components of AML:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer due diligence (CDD)<\/b><span style=\"font-weight: 400;\">: Verify the identity of customers through ID documents, proof of address, and background checks. Enhanced due diligence (EDD) for high-risk customers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Suspicious activity reporting (SAR)<\/b><span style=\"font-weight: 400;\">: Financial institutions must monitor customer accounts and transactions for suspicious activity. Institutions must file a complaint with the authorities when suspicious activity is detected.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Record-keeping<\/b><span style=\"font-weight: 400;\">: Institutions must keep accurate and complete records of customer transactions and activity, including account information, correspondence and transaction details.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Training and education<\/b><span style=\"font-weight: 400;\">: Staff must be trained to identify and report suspicious activity. Regular training and education can ensure staff are equipped to implement AML. Resources like <\/span><a href=\"https:\/\/imarticus.org\/blog\/types-of-equities\/\"><span style=\"font-weight: 400;\">the types of equities<\/span><\/a><span style=\"font-weight: 400;\"> available to businesses can also be a great read.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">3 Stages of AML<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">AML in investment banking<\/span><span style=\"font-weight: 400;\"> process ccomprises three stages:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Placement<\/b><span style=\"font-weight: 400;\">: This is the first stage where the proceeds of crime are introduced into the financial system. This can be done by depositing dirty money (in cash) into bank accounts or by purchasing assets with it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Layering<\/b><span style=\"font-weight: 400;\">: In this stage, the dirty money is moved through various financial transactions to disguise its origin. Layering is usually done by transferring funds between accounts, buying and selling assets or using complex financial products.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Integration<\/b><span style=\"font-weight: 400;\">: This is the final stage, the laundered money is reintroduced into the legitimate economy. It can include buying assets, investing in businesses or making personal purchases.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">How it Affects Banking<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">AML &amp; KYC in investment banking<\/span><span style=\"font-weight: 400;\"> is a lengthy process. However, the outcome remains the same\u2014to ensure safety. <\/span><a href=\"https:\/\/imarticus.org\/certified-investment-banking-operations-program\/\"><span style=\"font-weight: 400;\">Investment banking courses<\/span><\/a><span style=\"font-weight: 400;\"> mainly focus on how it affects the entire industry.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory compliance<\/b><span style=\"font-weight: 400;\">: Banks must adhere to strict AML regulations to avoid penalties and maintain a positive reputation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mitigation<\/b><span style=\"font-weight: 400;\">: AML helps banks detect and prevent illegal activity, thus reducing risk to safety.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stability<\/b><span style=\"font-weight: 400;\">: It stops the flow of illicit money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer protection<\/b><span style=\"font-weight: 400;\">: AML protects customers from fraud and safeguards their money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Operational efficiency<\/b><span style=\"font-weight: 400;\">: It makes operations more efficient and cheaper.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Training and education<\/b><span style=\"font-weight: 400;\">: Staff must be trained to identify and report suspicious activity.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What is Know Your Customer (KYC)?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The KYC process in investment banking is a set of rules and procedures that require financial institutions to identify and verify their customers. KYC aims to prevent money laundering, terrorist financing and other illegal activities<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By doing KYC, financial institutions can:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reduce fraud<\/b><span style=\"font-weight: 400;\">: KYC prevents fraud, such as identity theft and unauthorised transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Compliance<\/b><span style=\"font-weight: 400;\">: It is a regulatory requirement for most financial institutions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Protect their image<\/b><span style=\"font-weight: 400;\">: KYC prevents financial institutions from engaging in illegal activities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improve customer satisfaction<\/b><span style=\"font-weight: 400;\">: When financial institutions understand the needs and expectations of their customers, they can offer better services.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">How It Works<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">KYC process in investment banking<\/span><span style=\"font-weight: 400;\"> involves:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Onboarding<\/b><span style=\"font-weight: 400;\">: The customer approaches the financial institution and submits an application form.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Identification verification<\/b><span style=\"font-weight: 400;\">: The institution collects and verifies identification documents to confirm the customer\u2019s identity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Due diligence<\/b><span style=\"font-weight: 400;\">: It assesses the customer\u2019s risk and does additional checks if required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer profiling:<\/b><span style=\"font-weight: 400;\"> It gathers customer information to understand their financial behaviour and identify risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ongoing monitoring<\/b><span style=\"font-weight: 400;\">: The institution monitors customer\u2019s activity and updates their profile as needed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Record keeping<\/b><span style=\"font-weight: 400;\">: It keeps copies of all KYC documents and records and has an audit trail.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reporting<\/b><span style=\"font-weight: 400;\">: It files a SAR with the authorities if suspicious activity is detected.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">AML vs KYC<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">AML &amp; KYC in investment banking<\/span><span style=\"font-weight: 400;\"> are part of the fight against financial crime but serve different purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AML is about preventing and detecting the laundering of dirty money. And rightly so, it involves CDD, SAR and record-keeping. AML stops the flow of dirty money through the financial system and protects society and the economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KYC is about identifying and verifying customers. It focuses on collecting and verifying ID documents, doing due diligence and creating customer profiles. What KYC does is prevent fraud and reduce identity theft and compliance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AML and KYC are related but different. AML is more comprehensive and about preventing and detecting illegal activities. KYC is more specific about identifying and verifying customers.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s The Role Of Biometrics?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Biometrics, the use of unique physical or behavioural characteristics for identification, has become common in the <\/span><span style=\"font-weight: 400;\">KYC process in investment banking<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Common biometric technologies used in KYC:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fingerprint recognition<\/b><span style=\"font-weight: 400;\">: Capturing and analysing unique fingerprint patterns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Facial recognition<\/b><span style=\"font-weight: 400;\">: Comparing a person\u2019s facial features to a stored image.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Iris recognition<\/b><span style=\"font-weight: 400;\">: Scanning and analysing the patterns in a person\u2019s iris.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Voice recognition<\/b><span style=\"font-weight: 400;\">: Analysing a person\u2019s voice patterns to verify their identity.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Where AML and KYC Are Mandatory<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are the areas <\/span><span style=\"font-weight: 400;\">AML &amp; KYC in investment banking<\/span><span style=\"font-weight: 400;\"> are mandatory:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial institutions<\/b><span style=\"font-weight: 400;\">: Banks, credit unions, investment firms, insurance companies and other financial institutions are subject to AML and KYC regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Real estate<\/b><span style=\"font-weight: 400;\">: Real estate transactions, especially those involving large sums of money, are at risk of money laundering.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Casinos and gaming<\/b><span style=\"font-weight: 400;\">: Casinos and other gaming establishments must implement AML and KYC to prevent money laundering and terrorist financing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Law firms<\/b><span style=\"font-weight: 400;\">: Law firms, especially those involved in corporate law or real estate transactions, must comply with AML and KYC regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accountancy firms<\/b><span style=\"font-weight: 400;\">: Accountants and auditors play a crucial role in identifying and reporting suspicious activity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Non-profit organisations<\/b><span style=\"font-weight: 400;\">: Non-profits must ensure that their funds are not used for illegal purposes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Money transfer services<\/b><span style=\"font-weight: 400;\">: Remittance services and money transfer companies are subject to AML and KYC regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Virtual asset service providers (VASPs)<\/b><span style=\"font-weight: 400;\">: Crypto exchanges and other VASP providers need AML and KYC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Precious metals dealers<\/b><span style=\"font-weight: 400;\">: Dealers in precious metals like gold and silver must comply with AML and KYC regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Art and antiques dealers<\/b><span style=\"font-weight: 400;\">: The art and antiques market can be used to launder money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Trust and company service providers<\/b><span style=\"font-weight: 400;\">: Companies that provide trust and company services must implement this process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Jewellery retailers<\/b><span style=\"font-weight: 400;\">: Jewellery retailers, especially those dealing with high-value items, must partake in business according to AML and KYC regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Forex brokers<\/b><span style=\"font-weight: 400;\">: Foreign exchange brokers can prevent money laundering with the help of AML and KYC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Online marketplaces<\/b><span style=\"font-weight: 400;\">: Online marketplaces like eBay and Amazon must implement AML and KYC to prevent the sale of illegal goods.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fundraisers and crowdfunding platforms<\/b><span style=\"font-weight: 400;\">: Fundraisers and crowdfunding platforms ensure that funds are not used unlawfully.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Problems With KYC and AML<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The KYC process in investment banking, along with AML, is important to prevent financial crime but has many challenges:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complexity<\/b><span style=\"font-weight: 400;\">: KYC and AML rules are complex and challenging for businesses of all sizes to understand.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cost<\/b><span style=\"font-weight: 400;\">: Implementing good KYC and AML is costly, and requires investment in technology, training and human resources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>False positives<\/b><span style=\"font-weight: 400;\">: KYC and AML systems can produce false positives, resulting in unnecessary customer investigations and hassle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Evolving threats<\/b><span style=\"font-weight: 400;\">: Money laundering techniques and regulations constantly evolve, so it&#8217;s hard to keep up.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data privacy<\/b><span style=\"font-weight: 400;\">: KYC and AML need personal data collection and processing, so data privacy and protection are concerns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Technological challenges<\/b><span style=\"font-weight: 400;\">: Implementing advanced KYC and AML tech is hard, especially for smaller businesses with limited resources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>International cooperation<\/b><span style=\"font-weight: 400;\">: AML and KYC require international cooperation, which is hard to achieve due to different legal and regulatory frameworks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer experience<\/b><span style=\"font-weight: 400;\">: Implementing strict KYC and AML can sometimes result in a bad customer experience, as customers may find the verification process time-consuming or inconvenient.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Human error<\/b><span style=\"font-weight: 400;\">: Human error can cause mistakes in KYC and AML processes, increasing the risk of noncompliance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited resources<\/b><span style=\"font-weight: 400;\">: Smaller businesses have limited resources to invest in KYC and AML compliance, so it\u2019s hard to meet regulatory requirements.<\/span><\/li>\n<\/ul>\n<h4><strong>Wrap Up<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Undoubtedly, AML &amp; KYC in investment banking are important, but compliance can be hard. However, an all-comprehensive program teaches you the best practices to stay compliant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Refrain from letting AML &amp; KYC compliance hold your firm back. Invest in Imarticus\u2019 <\/span><a href=\"https:\/\/imarticus.org\/certified-investment-banking-operations-program\/\"><span style=\"font-weight: 400;\">Investment Banking Operations Program<\/span><\/a><span style=\"font-weight: 400;\"> today. Contact us to learn more and start your journey to a more secure and compliant tomorrow.<\/span><\/p>\n<h4><strong>Frequently Asked Questions<\/strong><\/h4>\n<p><b>Why AML is important for investment banking?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">AML is important for investment banking to prevent money laundering and protect the system and its reputation.<\/span><\/p>\n<p><b>Why is <\/b><b>AML &amp; KYC in investment banking<\/b><b> important?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">KYC and AML are important to prevent financial crime, protect customers, and ensure compliance in the banking industry.<\/span><\/p>\n<p><b>Why is AML required?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">AML aims to maintain the system&#8217;s integrity, protect society from criminal activities and promote international cooperation in fighting financial crime.<\/span><\/p>\n<p><b>What are the benefits of AML?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">AML offers numerous advantages, including preventing money laundering, protecting the financial system, enhancing reputation, and improving operational efficiency.<\/span><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"Why AML is important for investment banking?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"AML is important for investment banking to prevent money laundering and protect the system and its reputation.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"Why is AML & KYC in investment banking important?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"KYC and AML are important to prevent financial crime, protect customers, and ensure compliance in the banking industry.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"Why is AML required?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"AML aims to maintain the system's integrity, protect society from criminal activities and promote international cooperation in fighting financial crime.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"What are the benefits of AML?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"AML offers numerous advantages, including preventing money laundering, protecting the financial system, enhancing reputation, and improving operational efficiency.\"\n    }\n  }]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several risks exist in the high-stakes world of investment banking, where billions are transacted daily. Anti-Money Laundering (AML) and Know Your Customer (KYC) are essential to protect the financial system and prevent illegal activity.\u00a0 While these regulations may seem like a burden to some, they are the foundation of a solid and reliable financial infrastructure. 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