Wednesday, March 22, 2023

Blockchain automates KYC & AML

By DAC000 , in Blockchain Regtech , at February 28, 2021 Tags: ,

according to Swissinfo, a consortium of Swiss banks are engaging distributed ledger technology to automate the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. About a two minute read.

Comment: this is an excellent application of Blockchain, it will be interesting to see it evolve. Not sure how they’ll get past customer privacy and data sharing constraints; likely we’ll see this active in Switzerland and The EU only. But still, the tech can offer substantial savings so this is worth paying attention to.