By Caleb Simmons on December 4, 2020 20:42
Published on September 28, 2018 09:00 by NullTXThe costs of complying with due diligence processes like KYC (Know Your Customer) and AML (anti-money laundering) are rising. With financial firms regularly spending 8.4x their average compliance costs on KYC amidst growing client complaints about poor KYC experiences, KYC is becoming a growing balance sheet and relationship management liability. Businesses can benefit from investments in blockchain technology, which underpins cryptocurrencies like Bitcoin, to accelerate and distribute KYC compliance operations across shared financial institutions through greater transparency, verifiability, and consensus. It is best that they know their options before making any such investments, though. Below is an overview of the top blockchain solutions that are poised to save businesses time and money on KYC.
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