Compliance efforts are a tall task for many financial services and other organizations worldwide. New regulatory requirements are leading to greater demands to collect relevant client information before establishing a business relationship. KYC (Know Your Customer), AML (Anti-Money Laundering), CTF (Counter-Terrorism Financing) and other labor intensive activities can have a chilling effect on business productivity and exact a huge cost. This is the result of voluminous amounts of customer data needing to be manually checked for accuracy, completeness, and duplications to ensure that targeted requirements are met. Customer losses leading to a decline in revenue can result if these data gathering, onboarding, and client-lifecycle activities are inefficiently handled. An example of this is in the financial services industry where a customer may drop a banking relationship due to a lengthy credit decision process and more rapid competitor response. Moreover, slow manual processes have become prime targets for increased regulatory scrutiny and inspections, resulting in fines and even jail time for business leaders. The need for advanced automation and real-time customer setup solutions has never been greater. One of the solutions being advanced are cost-effective, automated blockchain solutions for meeting regulatory demands tied with KYC, AML, and CTF. An emerging startup player in this space is the Ireland-based firm, Kyckr . Taming the Compliance Jungle Kyckr is a blockchain-centric solutions provider that delivers end-to-end compliance data sourced from over 150 business registers worldwide. Information captured and disseminated through the use of Kyckr’s verification API is used by banks, financial institutions, payment solutions providers, accounting and law firms and other organizations to meet regulatory requirements, all with the goal of preventing criminal activities such as money laundering, terrorism, and fraud. Kyckr’s beginning and evolution has been an interesting one. Rob Leslie, company founder and brainchild, spent his early career living in […]
