Tag: KYC
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The Future of Digital Identity Management & KYC
Why Self-Sovereign ID superior to Digital Identity Self-sovereign identity (SSI) is a decentralized approach to digital identity management that emphasizes individual control and ownership over personal data. In contrast, digital identity (DI) typically involves the use of centralized systems, such as those employed by social media platforms, governments, and financial institutions, to manage and authenticate identity. There…
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Self-Sovereign ID for KYC and AML
Self-Sovereign ID for KYC and AML Self-Sovereign ID is essential to know your customer (KYC). In financial services the compliance process is collecting and verifying client identification. Anti-money laundering (AML) application requires correct identification documents. All applications for any financial service require correct, verified identification. Banks and Insurance companies spend enormous sums on compliance. Self-Sovereign…
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Know Your Customer KYC thanks to Augusto Pinochet
Know your customer, alternatively known as know your client or simply KYC, is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations…