Acknowledging the Trust Fallacy Surrounding KYC Verified Accounts
There’s no doubt in the minds of financial organizations and anti-laundering regulators that Know Your Customer (KYC) verified accounts prevent fraudulent activity– and according to Alex Zeltcer from nSure.ai, that’s exactly the problem.
ARGOS ID presents the World’s First Travel Rule Solution for Unhosted Wallets
ARGOS ID is delighted to introduce the world’s first Travel Rule solution for crypto wallets.
Brexit agreements set to target anonymous cryptocurrencies
A European Commission task force document that sets out the framework for the post-Brexit relationship between the European Union and the UK has revealed a commitment to “ending the anonymity associated with the use of virtual currencies”.
SEC enforcement threat driving KYC/AML implementation at decentralized exchanges
IDEX’s decision to implement KYC/AML policies will likely be followed by most other decentralized exchanges, as the SEC brings new enforcement proceedings against exchange operators.
Impacts of the Blockchain on fund distribution
This White Paper describes Blockchain technology and explores the impacts on fund distribution and settlement. Blockchain technology is likely to disrupt almost all activities where there are intermediaries. In particular, the asset servicing value chain would be completely redesigned in the near future to eliminate intermediaries and therefore lower transaction time and costs, as well as increase transparency via a distributed and publicly available ledger.
Cryptotechnologies in international payments: Information Paper
The EBA analysis explores the opportunities that distributed ledger technology holds for payment service providers in terms of lowering operating costs, modernising the international payments value chain and maintaining compliance with key regulatory requirements in markets around the world. The paper further covers specific use cases, such as distributed KYC registries and low-value P2P/B2C payments. The EBAâs Cryptotechnologies Working Group will continue to work on the topic of international payments: an evaluation of implementation scenarios in international payments and the exploration of security issues in the use of cryptotechnologies are next on the agenda of the group.
Four Blockchain Use Cases for Banks
This whitepaper sets out four potential use cases for banks including reduction of fraud, KYC, trading platforms and concentrating on the last use case of payments, in considering the possibility of utilising blockchain technology in banking.
The $5 billion opportunity for reinsurers
New research commissioned by PwC highlights the extent to which blockchain could reduce the processing time and cost of placement, claims settlement and key processes such as compliance checks, e.g. sanctions (other compliance checks noted for wholesale insurance include AML/KYC). The research also showed that blockchain solutions can provide a better view of identity and risk. And given the amount of data flowing between client, broker, reinsurer and outsource service providers, all of which requires multiple data entry and reconciliation, the transformational potential within reinsurance is even greater.
Social KYC: far easier than passports and utility bills
I just received a white paper about Social KYC from Fintech startup Veridu. The idea is to use our social media profiles to authenticate and onboard as a new 21st century KYC process. It’s an interesting idea I thought I’d share here but, before I do, I posted a note in 2009 that recommended banks to use social media as a way of verifying whether customers could be trusted, a social KYC if you like.
Blockchain identity management
Having moved to the Department of the Prime Minister and Cabinet, following Prime Minister Malcolm Turnbull, Australia’s Digital Transformation Office is looking for vendors to contribute identity management solutions. The endeavor was rumored last year, which either inspired or provoked AusPost to search for blockchain identity management solutions.
Social KYC for Cryptocurrencies
This paper offers some ideas about identity verifi cation in an online world. It explores some common challenges when using traditional methods, and will introduce a new approach â social KYC, using a personâs digital footprint and online social identities to instantly verify and authenticate their identity with a high degree of confidence. This approach can also be used to reduce fraud and to manage compliance requirements as a complementary approach with other forms of KYC and IDV as required.
Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)
The InterChainZ project was a consortium research project to share learning on MDLs during the summer of 2015. The study found that InterChainZ showcased several distributed ledger configurations and numerous variants, exploring how they might work in a set of agreed âuse cases.â The outputs were a series of functioning, interlinked MDLs along with software, explanatory materials and website information. The research consortium concluded that MDLs incorporating trusted third parties for some functions had significant potential in financial services, such as know-your-customer (KYC), antimoney-laundering (AML), insurance, credit and wholesale financial services.
Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)
The InterChainZ project was a consortium research project to share learning on MDLs during the summer of 2015. The study found that InterChainZ showcased several distributed ledger configurations and numerous variants, exploring how they might work in a set of agreed âuse cases.â The outputs were a series of functioning, interlinked MDLs along with software, explanatory materials and website information. The research consortium concluded that MDLs incorporating trusted third parties for some functions had significant potential in financial services, such as know-your-customer (KYC), antimoney-laundering (AML), insurance, credit and wholesale financial services.
