Abstract
Today, challenges in Know Your Customer (KYC) and Anti-Money Laundering (AML) processes include inefficiencies, data silos, and the risk of fraudulent activities. Integrating blockchain technology offers a transformative solution to these issues. Blockchain's decentralized and tamper-resistant nature ensures a single, verifiable source of truth for customer information, reducing data discrepancies across institutions. Smart contracts can automate AML compliance checks, ensuring real-time monitoring and rapid response to suspicious activities. The immutability of blockchain records enhances auditability, facilitating regulatory compliance. Furthermore, the secure and transparent nature of blockchain instills trust among stakeholders, fostering collaboration in combating financial crimes. By leveraging blockchain in KYC and AML processes, the financial industry can achieve enhanced efficiency, reduced fraud, and strengthened regulatory adherence.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
