Know Your Client (KYC) and Anti Money Laundering (AML) Compliances

Blockchain enables transparent transaction not needing any intermediary. It's economical and there is no scope for failure and risks. Data stored on the blockchain concept is unchangeable, thereby minimising the risk of error and duplication.

KYC and AML are helpful in using blockchain as a conduit to the client information. The blockchain ledger enables encrypted updates to client details. The KYC ledger also provides a historical record of all documents shared. It furthers compliance activities undertaken for every client. It’s a proof to be provided to the regulators.

The information on blockchain will simply be a reference point with a digital signature or cryptographic hash. Thus, it will give people access to the relevant client information in a repository separate to the blockchain. It is similar to going through the reference cards in a library when you look for a specific book.