The Future of KYC

[KYCbench]

Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.
Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.
A good example of how organisations can utilize technology to enhance their KYC process is outlined below:
1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically authenticate that identification.
2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.
• Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.
3. Automatic screening against sanctions lists
• The organisation can then screen the data against sanctions lists, PEP lists, law enforcement lists etc.
4. Client connects social media account(s)
• The organisation will then be able to understand clients’ interests, needs and anticipated behaviour during the business relationship.
There is no doubt that the whole world of KYC is changing. From now on KYC will be conducted in a seamless manner and what remains to be seen is how machine learning technology can take KYC to the next level. With this new data incorporated in a machine-learning model fraud can be prevented and reduced.

KYCBench is here.

Read more at: https://www.kycbench.com/the-future-of-kyc/

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[Alcor]

I hope that when the state begins to regulate the ICO process, this KYC test will be canceled for participants of the ICO generosity campaign as absolutely absurd, illegal and contrary to the tasks of the KYC.
In general, I don’t like KYC at all, because its procedure is a bit humiliating and such an inspection should be carried out only by bodies and organizations that are allowed to keep confidential information of citizens.

[gerald232]

Procedure for applying KYC. I think it must be applied to a group of people who will establish the ICO project. They are vital objects, they will receive investments or donations from investors for the promotion of their projects. KYC for ICO projects will reduce fraud.

[alltalk]

It is good choice to provide a platform that can help people to process their KYC with safe and proven manner. Since KYC is a serious case, a team project and its clients must find out the best solution to deal with KYC security. Anyway, how do you ensure people that you can guarantee their secret Identities?