What is KYC & how KYC on blockchain can help?

Know your customer ( KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities. AML & KYC are used interchangeably sometimes. Though they are completely different standards & regulations.

What are blockchain KYC AML solutions?

KYC AML blockchain solutions, therefore, has the potential to bring about a big change in the way banks consider identity security and access. As such, blockchain KYC AML solutions are set to receive huge investment in the coming years. Blockchain offers a robust hurdle against fraud. Once entered, data on the blockchain ledger cannot be altered.

What is KYC & identity verification?

We’ll address these questions and more in this article. What is KYC, or Identity Verification? KYC is an acronym for “know your customer”, or “know your client”. It refers to the verification of a customer's identity, typically by a financial institution.

Why are KYC regulations mandatory for cryptocurrency exchanges?

Know Your Customer (KYC) regulations are mandatory for major cryptocurrency exchanges because it ensures they comply with regulatory rules and laws. The goal of KYC is to curb illicit activities and to highlight suspicious behaviour as early as possible.