blockchain-for-kyc-aml

Blockchain for KYC / AML

Globally, Financial institutions and organizations are continuously investing on technologies that produces real-time reporting and communication, to adhere to the regulatory rules that are set by various agencies and Reserve Bank of India. This traditional process includes compiling, tracking, and storing really huge amounts of data to be parsed out and reported to regulators in a timely way. Know Your Customer (KYC) and Anti Money Laundering (AML) have become the most important at various institutions to identify the customers and stop the action of generating income through illegal activities. Organizations faces certain identity problem and challenges to strengthen the security with the existing system. It is believed that blockchain has huge possibility for KYC and AML Compliance, as it provide a reliable identity and business verification solutions for the international market.

Blockchainappsdeveloper is a high class blockchain development company expertise in crafting innovative blockchain solutions for various business challenges. We have a track of record, that enables us to deliver reliable and most effective blockchain-based solution to verify the customers and meet the KYC and AML Compliance

Challenges of KYC/AML

As banks and other organization began to support KYC and AML, they make their eng goal clear about checking the identity of the customer, before getting into business with them. AML is a actually a method, law or direction specially designed to control the criminal and illegal activities to make income. Organizations support to work with compliance and despite integrating technological advancement, they still have certain issues which needs a secure solution. The following are the requirements of KYC.

Collection and analysis of customer’s basic identity information
Reduce the time in verifying customers information
Matching names against lists of familiar or known parties
Identify and Determine customer's potential risk
The need to provide various information and documents will consume more time and money of customers
Let KYC/AML registry used by inter-banks
Creation of an expectation about a customer's transactional behavior
Proper Track to Monitor a customer's transactions
Reduce expenses of KYC/AML process

Why Blockchain Solution For KYC / AML ?

Blockchainappsdeveloper brings the latest technological solution through blockchain to solve new challenges of businesses. Despite the size of business and nature of challenge, blockchain has been the best solution for various problems. Similarly, by utilizing blockchain technology, there comes several advantages to KYC and AML. Here are the reasons why blockchain based solutions are required for KYC/AML.

Blockchain lets the user to get instant and direct access to relevant information, eliminating the existing multi-step AML/KYC processes.
Enables rapid process and simplified access to information, eventually cut down cost and on-boarding process, thereby increasing customer retention.
Time used in traditional KYC process and billions of dollar spent to streamline the process can be saved
Blockchain Streamlines the processes, hence registration and maintenance of KYC/AML is no longer a long and complex journey.
It is immutable technology, therefore the information cannot be altered or modified, ensuring that it is secure.
Customers need not provide lots of information and enormous documents for verification, and they needn’t wait a long time for result again and again.

Blockchain Application For KYC and AML

Beyond cryptocurrency, blockchain technology has become more innovative and is currently being utilized to solve different use cases, transforming various areas and businesses. It exchanges any data and sensitive information online in an anchored and verified way. KYC and AML is one such use case.

Blockchain becomes inconceivably secure and perfect approach to store individual information which is utilized for KYC and AML consistency. It becomes a reliable method to store data in a transparent and secured ecosystem.
When Blockchain is utilized for KYC and AML Compliance, a customer or client can become a block in the network by entering majority of their own data that is required for KYC and AML compliance. As the customer enter data, the information will be encoded and stored on the blockchain network. The individual will get a unique password or private key, which must be protected by the customer to view the data.
As a whole, blockchain brings more advantage to banks, businesses and customers too, with less complication while saving tons of time and millions of money spent on it.

Why Choose Blockchainappsdeveloper ?

5+ years of experience at blockchain development for 150+ different clients around the globe
Innovative Blockchain Solution
Secure development process
Understand Clients Requirements
Transparent Working Progress
Focused on Customer Satisfaction
Quick and Continuous Support
Timely Delivery of Project
Maintain Data Confidentiality