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Compliance

KYC and AML poses a hugh burden for Institutions and an inconvenience for the customers.
But Blockchain technology can make this process safer, easier, cheaper and iterative

 

CURRENT PROBLEMS

Current KYC procedures are slow and time-consuming and entail significant duplication of effort between organizations

People get exposed to real loss of privacy, putting lacks of customers at high risk of identity theft

Large organizations carrying private customer data become a target for criminals and hackers

Financial Institutions spend crores of rupees in building Know Your Customer (KYC) databases and on Anti-Money Laundering compliance & fines

BLOCKCHAIN SOLUTION

 

Documentation like Driver License copies, Passport copies and Ration Card Numbers can all be hashed by trusted sources and stored in the Blockchain

The data will be hidden behind military grade encryption, out of reach of bank employees and safe from hackers

With this tool, we can also establish standard KYC Protocol in collaboration with Banks and Regulators, in order to make compliance simple and to indemnify banks from fines

All transaction records can be put into specific entry blocks, with specific rules and pattern recognition

We can easily run real time audits of these entries, looking for anomalies

Financial institutions could share the hashes of these records safely with other institutions or with regulators, but keep private data private

Multi-Signature tools could further limit private data to court order searches

Since Blockchain is a distributed cryptographic solution, secured by bitcoin, no single company, country or government would own that data

Governments and Financial Institutions could work together to stamp out fraud, money laundering and terrorism, while maintaining privacy

 

ADVANTAGES

 

Entire KYC process can be automated,
thus reducing compliance errors

Complete elimination of duplication
of effort in executing KYC checks

Near real-time update to client
information distributed across all banks in an
encrypted & secure manner

Immutable and auditable client record, ensuring compliance
with regulations

Irregularities and foul play in the records can be
automatically detected and eliminated to
prevent criminal activities