Know Your Customer (KYC), and Anti Money Laundering (AML) are the key enablers for the prevention of financial crime. In the case of KYC, currently, each institution maintains their own copy of customer data and performs verification via centralized data providers. This can be a time-consuming process and can result in delays in onboarding a new client.
Blockchain can provide a solution to this problem by securely sharing a distributed ledger between all financial institutions that contain verified and true identities of customers. This distributed ledger can only be updated by consensus between the participants thus providing transparency and auditability. This can not only reduce costs but also enable meeting ...
