Know Your Customer: Will Technology Provide The Ultimate Solution?

Posted Leave a commentPosted in Blockchain, Compliance, Cyprus Fiduciary Association, Cyrpus Bisiness, KYC/AML, Professional Services

A business challenge of escalating complexity and business risk In the past, before the globalization of banking, the 9/11 terrorist attacks, and the financial crisis of 2008 increased the pressure to clamp down on money laundering activities, KYC procedures and regulations were more relaxed and less complex. Nowadays, professional and financial services companies face a dual challenge of enhancing customer experience and increasing their satisfaction, while at the same time they are required to fulfil a complex set of constantly changing legal, KYC and due diligence requirements. According to a survey[1] conducted by Thomson Reuters in 2016, a very high percentage (89%) of corporate customers has claimed that they did not […]

Blockchain: KYC/AML Use-Case

Posted Leave a commentPosted in Blockchain, Compliance, KYC/AML

A Look into the Future The innovation of Blockchain technology is credited to a person or a group of people under the name Satoshi Nakamoto. Although this name is connected to the creation of Blockchain, an undeniably ingenious invention, not much is known about its real identity. Blockchain became popular as the heart of Bitcoin and other virtual currencies; however, it seems to be more than this, especially when it comes to the potential it has to transform and to modernize the global economy. From a technical perspective, Blockchain technology is also known as a distributed database that differs from the relational databases that currently dominate the market. A distributed […]