The Future of KYC

Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.
Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.
A good example of how organisations can utilize technology to enhance their KYC process is outlined below:

1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically authenticate that identification.

2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.
• Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.

3. Automatic screening against sanctions lists
• The organisation can then screen the data against sanctions lists, PEP lists, law enforcement lists etc.

4. Client connects social media account(s)
• The organisation will then be able to understand clients’ interests, needs and anticipated behaviour during the business relationship.
There is no doubt that the whole world of KYC is changing. From now on KYC will be conducted in a seamless manner and what remains to be seen is how machine learning technology can take KYC to the next level. With this new data incorporated in a machine-learning model fraud can be prevented and reduced.
KYCBench is here.

KYCBench is already using this technology on its online KYC/AML platform, where individuals can be whitelisted and have their KYC performed online and made available for ICOs they wish to participate in.

Check the article on our website:

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New Member
There have been many great points in having KYC know your customer in the world of cryptocurrency. I know that many people invest in cryptocurrency becasue they don't want to reveal themselves to the authorities and this gives opportunity to bad people to launder their money. Where do you stand on the KYC debate?


New Member
If a company would like to have a legitimate business, then it needs to comply fully with official regulations in one country. Know your customer legislation is present in many countries as it has its benefits. In this sense companies in the field of crypto business would also need to comply


New Member
I know that KYC or Know Your Customer is a time-consuming process but this is required and crucial for having transparency. There was a strong debate that KYC should be implemented in the Cryptocurrency to counter the money laundering issues. Where do you stand in this debate?