196,114 research outputs found
Exploring blockchain for KYC: deepening client understanding
No full textExamining one's client status in depth, also known by its acronym "Know Your Customer" (KYC), raises
a significant problem that needs to be addressed thoroughly. As a result of this, the current paper examines the dynamics of client status and utilized "Blockchain Technology" to developed KYC. Since earlier research was lacking in its capacity to establish a KYC system, which is utilized in the financial sector, principally by banks, to collect information mandated by law regarding their customers in order to provide access to financial services, it is important to note this deficiency. The existing system makes use of databases that are hosted on servers operated by private corporations or by organizations that have their own infrastructures. Traditional KYC systems come with several potential drawbacks, including a single point of failure (SPOF), tedious and timeconsuming processes for customers, and high costs to construct one's own KYC identification and verification system. The aim of this project's proof-of-concept is to mitigate the effects of the identified issues through the utilization of blockchain technology. The system's ability to facilitate the data gathering and verification process was enhanced by the provision of previously registered KYC data by individual users through a single click, as well as the cross-checking of KYC data by bank users to verify their users' information
Enabling KYC and AML verification in DeFi service
No full textThis paper proposes an approach to comply with KYC/AML regulations supporting self-hosted wallets, empowering users to voluntarily comply by selecting the most suitable compliance analysis provider when participating in regulated use cases and to take more informed decisions considering the intrinsic risks of their own transactions. This voluntary approach creates an infrastructure for DeFi services self-regulation and enables the development of new DeFi use cases compliant-by-design with KYC/AML requirements. By introducing innovative KYC/AML techniques based on dynamic computation, the approach supports financial inclusion and privacy-preserving techniques in regulated DeFi services, while respecting the risk-based FATF recommendations. The proposed approach can be implemented in a complementary way to existing intermediary-based regulations, like centralized KYC and AML and the Travel Rule.</p
Determinants of Know Your Customer (KYC) Compliance Among Commercial Banks In Kenya
No full textA thesis submitted to the School of Management and Commerce in partial
fulfillment for the award of Master of Commerce degreeStudies conducted have focused on analyzing the effectiveness of Know Your Customer
(KYC) programs in combating money laundering and other fraud related risks in financial transactions involving customers. The studies showed that if KYC programs were implemented effectively, the risks associated with money laundering and fraud could be significantly mitigated. In Kenya, implementation of KYC requirements became a statutory requirement for financial institutions after the Proceeds of Crime and Anti-money Laundering Act was passed in 2009. Little has been done to assess what factors determine compliance with the KYC requirements stipulated in the regulation. The main focus of this study was to fill this gap by examining the factors that determine KYC compliance by commercial banks in Kenya. The study carried out a survey of commercial banks in Kenya with regards to KYC compliance. The commercial banks and a mortgage finance company totaling 44 formed the sample of the study with the top and middle supervisors responsible for implementing KYC forming the target respondents. Comparative analyses based on the data collected from 30 commercial banks which responded as well as interviews with practitioners were analyzed using regression analysis to determine the relationship between KYC compliance and the identified variables. The study's findings reveal that staff competency and bank Size are the key determinants of KYC compliance. Customer verification procedures and Information Communication Technology infrastructure was found to have a minimal effect on compliance. Further research is recommended to be carried out to establish how the use of ICT can assist in complying with the KYC requirements
A Survey of KYC/AML for Cryptocurrencies Transactions
No full textKYC (know your customer) and AML (anti-money laundering) practices have been designed and implemented in traditional financial transactions for some years now. However, it has been complicated to find a balance between business efficiency, innovations, financial inclusion, and compliance, both in the specification of what should be done and in the implementation of a risk-based approach that satisfies the required specification during real business operation. This chapter presents a survey of traditional practices to KYC/AML, highlighting a subset of existing challenges in these practices, taking into consideration the innovation of cryptocurrencies transactions and related innovations, such as digital identity, and the financial inclusion of unbanked people without identity papers. The authors finish this chapter by discussing existing solutions to these challenges both by adopting new KYC/AML practices and by using innovative technological solutions
A Rule-Language Tailored for Financial Inclusion and KYC/AML Compliance
No full textDespite many efforts to increase access to financial services, 1,4 billion people still are unbanked. One significant barrier to decreasing this number is the lack of official personal documents (e.g., government-issued identification or utility bills) to comply with the necessary KYC/AML regulation. Innovative schemes can recognize one by using inputs like the personal trail generated when one uses the phone or engages in some digital activity. This paper proposes a formal language-based approach for modeling financial inclusion services and for representing in a structured way the existing KYC/AML compliance rules from different countries. Currently, those rules are written in an unstructured format using natural language and spread in regulatory documents from these jurisdictions. Our proposed language is a core building block of a computational trust and risk engine model, also discussed in this paper. Our approach supports the use of traditional and innovative recognition schemes, helping to overcome the barrier for those who cannot comply with conventional KYC/AML requirements. Moreover, it can also be used to power the risk calculation of computational trust and risk engines. Finally, the proposal is generic enough to be applied to both traditional and decentralized finance
Demo: Blockchain for the Simplification and Automation of KYC Result Sharing
No full textpeer reviewedKnow Your Customer (KYC) processes performed by banks on their customers are redundant, cumbersome and costly. Therefore, a system is proposed to automate menial tasks and allow sharing of data related to KYC. A blockchain dictates the collaboration between different participants and several services are built around it to support the functionality of the system as a whole. An access control system is used to share data legitimately
Blockchain-enabled KYC integration for CLV optimization with robust M-Estimation and IRLS method
No full textThis research introduces an innovative approach in implementing Know Your Customer (KYC) on blockchain technology as a means of using data, hybrid robust m-estimation, and the iteratively reweighted less squares (IRLS) method to optimize CLV data. This approach aims to improve the accuracy and reliability of CLV predictions by ensuring the security and reliability of customer data. This tool can help companies manage and increase CLV more effectively, meeting data security and compliance standards. The R-squared validation test results are close to 1, so the model can explain data variations well. RMSE and MSE have small values, so the model has good performance in predicting the target value. With these achievements, this approach contributes to the development of better marketing strategies and business decisions in an increasingly complex and rapidly changing digital environment
Know Your Customer (KYC) Model: A Legal Reform Strategy to Prevent Abuse of Financial Services in Child Sexual Exploitation Transactions
No full textKYC (Know Your Customer) is a process undertaken by financial institutions to identify and verify the identity of their customers. The aim is to prevent financial crimes such as money laundering, fraud and terrorist financing. This Know Your Customer (KYC) model can be used as a strategic framework for financial institutions to prevent misuse of financial services including child sexual exploitation transactions that are rampant. The model emphasizes rigorous customer identification, verification and continuous monitoring of transactions to detect suspicious activity. By carefully understanding customer financial behavior, financial institutions can identify anomalies that may indicate illicit activities, including those related to child exploitation. Globally, financial service providers including major banks such as HSBC, JPMorgan Chase, and Citigroup, as well as digital payment platforms such as PayPal and Stripe exemplify and can play a key role in preventing child sexual exploitation. This research uses normative legal research methods. The nature of this research is descriptive-prescriptive. The result of this research states that in the future, financial institutions can implement strict KYC (Know Your Customer) policies, monitor suspicious transactions, and cooperate with law enforcement agencies from various countries. This comprehensive approach not only helps combat child exploitation, but also improves global regulatory compliance, thus maintaining the integrity of the financial system. The implementation of the KYC model involves collaboration with law enforcement and utilizes advanced technology for efficient data analysis and customer monitoring. Ultimately, this model serves to protect vulnerable populations while upholding ethical standards within the financial sector
Dr. Duane M. Jackson, Morehouse College, July 2011
No full textThis video is a conversation with Dr. Duane M. Jackson. Dr. Jackson talks about his paper, "Recall and the Serial Position Effect: The Role of Primacy and Recency on Accounting Students' Performance." Jackie Daniel, AUC Woodruff Library, is the interviewer
"Reflections on the subject of Emigration from Europe with a view to Settlement in the United States" By M. Carey.
No full text"Reflections on the subject of Emigration from Europe with a view to Settlement in the United States: containing bried sketches of the moral and political character of those states.
By M. Carey, member of the American philosophical, and of the American Antiquarian Society, and author of The Olive Branch, Cindiciae Hibernicae, essays on banking, on political economy, and on internal improvement.
To which are now added the English editor's comments on the subject; together with Important Advice to Emigrants, and Cautions Against Impositions Practiced in the Outports
- …
