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The lack of a user identification system and the existence of various ways to obfuscate a transaction on the Bitcoin network is of great interest to attackers and can be used by them to conduct illegal activities. The aim of this work is to develop a method of transaction verification in the Bitcoin network to improve the efficiency of the process of identification of illegally obtained funds and their sources. The work solves the following tasks: the development of a method for transaction verification in the Bitcoin network and the development of a decision support system, which includes the proposed method. The article describes each stage of the method: collection, aggregation, processing, and analysis of information. The information analysis stage proposes a clustering method that takes into account an extended set of empirical rules (heuristics) of transaction analysis, as well as information about Bitcoin network address owners. The scientific novelty lies in increasing the efficiency of the identification process of illegally obtained funds and their sources through a comprehensive analysis of transactions, including the extended collection of information and its subsequent aggregation in the multimodel database of the decision support system. In contrast to existing methods, the reliability of the identification of Bitcoin network subjects is increased through the use of intelligent methods of data analysis. The results of this work will provide an opportunity to develop new and improve existing transaction analysis tools in future research, which will allow more effective identification of funds in the Bitcoin network associated with illegal activities. [ABSTRACT FROM AUTHOR]

Cel artykułu. Globalizacja w świecie finansów prowadzi do międzynarodowego przepływu zasobów finansowych, ale jest także źródłem przestępstw gospodarczych i nadużyć. Stało się to powodem i koniecznością wprowadzenia regulacji dotyczących prania pieniędzy, finansowania terroryzmu oraz unikania opodatkowania. Wdrożenie tych procedur wymusiło przyjęcie przez instytucje finansowe polityki "Poznaj swojego klienta" (KYC). Polityka ta opiera się na zrozumieniu klienta, jego struktury, zasad działalności, źródeł pochodzenia majątku oraz aktywów. Banki są zobowiązane do zapewnienia, że ich klienci nie uczestniczą w transakcjach uznanych za zabronione i niezgodne z obowiązującymi politykami. Z jednej strony banki są zobowiązane do raportowania tych informacji; nieprzestrzeganie może skutkować karą finansową lub wykluczeniem z międzynarodowej współpracy. Z drugiej strony banki muszą pozyskać wymagane dane od klienta. Klienci nie zawsze są świadomi obowiązujących regulacji. Dodatkowo, konieczność raportowania wymaganych danych często jest postrzegana jako uciążliwa z perspektywy konsumenta i wpływa na jego korzystanie z produktów bankowych. Dlatego kluczowe jest rozważenie, w jaki sposób klienci powinni być informowani o zasadach raportowania oraz jak ten proces można uczynić mniej uciążliwym z perspektywy konsumenta, jednocześnie pozostając skutecznym w pozyskiwaniu kompleksowych informacji. Metodologia. Aby znaleźć odpowiedzi na pytania badawcze, zastosowano badanie ilościowe z wykorzystaniem ankiety, która w drugim etapie została rozszerzona o badanie jakościowe – Indywidualne Wywiady Głębokie (IDI). Celem przeprowadzonych badań było przede wszystkim zbadanie czy procedura KYC jest zrozumiała dla przedsiębiorców jako klientów bankowych. Badanie miało na celu ustalenie, czy regulacje w ramach polityki KYC są postrzegane jako bariera we współpracy z bankami oraz w korzystaniu z usług bankowych przez właścicieli organizacji czy menedżerów. Skupiono się na bankach działających w Polsce. Aby zweryfikować główny cel, zdefiniowano również szczegółowe cele: elementy polityki KYC, które szczególnie utrudniają prowadzenie transakcji; elementy wytycznych w analizowanej polityce, które stanowią barierę dla korzystania z usług bankowych; czynniki utrudniające nawiązanie relacji z bankiem; oczekiwania klientów wobec podmiotów sektora bankowego dotyczące stosowania polityki KYC. Na etapie formułowania rekomendacji i sugestii zastosowano metodę generalizująco-syntezującą (dedukcja, redukcja, indukcja). Metoda indukcyjna pomogła przeanalizować znaczenie procedury KYC z perspektywy instytucji bankowych, rozpoczynając od konkretnych zjawisk do ogólnych. Z kolei, wykorzystując metodę dedukcyjną, podjęto próbę analizy problemu, rozpoczynając od skutków wdrażania polityki KYC na prowadzenie rozliczeń i korzystanie z usług bankowych przez podmioty gospodarcze będące klientami banku. Na podstawie uzyskanych wyników badań oraz krytycznej analizy literatury możliwe było zastosowanie redukcji, weryfikując tym samym wcześniej sformułowane hipotezy. Wyniki badań. Badanie potwierdziło, że klienci banków nie zawsze rozumieją proces weryfikacji związany z przeciwdziałaniem praniu pieniędzy i finansowaniu terroryzmu. Podkreślono również, że wymóg szczegółowego raportowania komplikuje rozliczenia finansowe dla organizacji oraz ich korzystanie z produktów bankowych. Poprzez weryfikację zależności między zmiennymi, badanie wykazało istotny związek między złożonością organizacji a częstotliwością weryfikacji klienta przez banki. Udowodniono również, że podmioty działające na rynku przez ponad dziesięć lat częściej napotykają trudności w raportowaniu informacji do instytucji bankowych w porównaniu do tych działających krócej.

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Regulated financial institutions must conduct regular know-your-customer (KYC) reviews on corporate clients to prevent money laundering and the financing of terrorism. However, national add-on requirements and regulatory discrepancies challenge the vision of a unified Europe, hindering the creation of an efficient, digital and hence scalable pan-European anti-money laundering (AML) process for all stakeholders who are active beyond their national borders. The current inability of banks to introduce efficient but robust pan- European KYC processes delays customers' access to finance and other banking products, and indirectly impedes the free movement of goods, services and capital. The European Commission plans to introduce the Anti-Money Laundering Regulation (AMLR) to harmonise and strengthen the EU AML framework. This could reduce national divergences, allowing for a level playing field across the internal market and consistent application of provisions throughout the EU. Unfortunately, harmonised regulation alone does not solve the current issues faced by financial institutions. While a harmonised rulebook provides certainty related to 'what' needs to be done, significant pan-European discrepancies remain related to 'how' the requirements can be fulfilled. For example, the EU has directed all member states to establish commercial and beneficial ownership registers, but left the design of such registers under the authority of the member state. Consequently, banks active on a pan-European level have to adjust their processes based on the type and content of the national register. Also, the definition of what constitutes a politically exposed person (PEP) varies significantly across the EU, as do the enhanced due diligence requirements which are triggered upon the identification of such a PEP. This paper provides suggestions on how EU member states can help the financial industry in a joint effort to prevent money laundering and combat the financing of terrorism more effectively. The objective of this discussion is to create a streamlined and unified approach to KYC processes across Europe. [ABSTRACT FROM AUTHOR]

The Know Your Customer (KYC) process is a fundamental prerequisite for any financial institution’s compliance with the regulatory framework. Blockchain technology has emerged as a revolutionary solution to enhance the effectiveness of the KYC procedure. It ensures that the KYC process is transparent, secure, and immutable, thereby offering a robust solution to combat fraudulent activities. The potential of blockchain technology in revolutionizing the KYC process has been acknowledged globally. Blockchain technology provides a decentralized platform for storing customer data, enabling financial institutions to access the information seamlessly. Using ethereum blockchain technology in KYC procedures can enhance the efficiency of financial institutions, significantly reducing the time and cost associated with the process. This work aims to provide a viable and sustainable solution to the challenges that banks experience in implementing KYC procedures and onboarding new customers. The proposed solution involves the central bank maintaining a comprehensive register of all registered banks while closely monitoring their adherence to the existing regulations governing KYC and customer acquisition.

Financial inclusion is seen as a dynamic tool for achieving multifaceted microeconomic stability, (and) sustainable economic growth, job creation, poverty reduction, and income equality for both developed and developing nations. The needy segments of the population must be provided with financial services to accomplish this inclusion. Still, the traditional financial market is unavailable due to its lack of collateral and shallow income. Thus, they go to local moneylenders, also known as "loan sharks," who charge exorbitant interest rates. Introduction to microfinance came as a new and refreshing light to these needy segments of the population as it provides small valued loans (micro-credit) to support their micro-scale businesses and engage in productive activities. As emerging technology started to be incorporated into every aspect of society, thus microfinance also needed to be incorporated into the technology. An application is required to protect data integrity and smoothly influence the microfinance sector. As the databases are vulnerable to data manipulation, this can affect the transaction history of the loan. Blockchain technology can be used to solve this problem, as data in the Blockchain is stored immutably. So, we designed a microfinance application that uses blockchain technology with decentralised KYC architecture to reduce multiple KYC verification and easy access to micro-credit. [ABSTRACT FROM AUTHOR]

The banking sector is identified as the main means for laundering illicit money, these banks generally have access to both banking mechanism and legal authority to make decisions. Money launderers and those financing terrorism are conveniently accessing financial institutions and its mechanism. These institutions provide all financial funds transfers both domestic and international range. Anti-money laundering (AML) laws and other data protection laws that keep getting stricter have forced many financial institutions to put in place long, expensive processes to stay in compliance. To bridge the gap, emerging technology can help in mitigating money laundering and other financial crimes. Blockchain is considered one of the world's best-known examples of Distributed Ledger Technology. In the financial sector, this type of technology has been hailed as the key to future success. Emerging technology can be used in many ways in Financial Services. It can change many processes, payments between peer-to-peer, trade agreements and tracking of supply chains. Emerging technology can be used in many ways in financial services and can change many processes, peer-to-peer payments, trade agreements, and the tracking of supply chains. These use cases depend on the participants or users being identified and verified. ''Know Your Customer'' is the term for this (KYC). Before making a transaction, one of the most basic ways to build trust between the people involved is to check out the user.This current paper focuses on issues of compliance and Anti Money Laundering policies in the banking sector by using new emerging technologies such as blockchain; further, the paper focuses keenly on issues relating to the manipulation of KYC and the financial burden on banks while also addressing AML policies, Finally, the paper provides ideas and suggestions regarding the rise of emerging technologies such as blockchain while addressing the problems of ML. This also includes the capability of blockchain technology to bring banking systems with recalibrated mode of compliances polices.

Financial inclusion is seen as a dynamic tool for achieving multifaceted microeconomic stability, (and) sustainable economic growth, job creation, poverty reduction, and income equality for both developed and developing nations. The needy segments of the population must be provided with financial services to accomplish this inclusion. Still, the traditional financial market is unavailable due to its lack of collateral and shallow income. Thus, they go to local moneylenders, also known as ''loan sharks,'' who charge exorbitant interest rates. Introduction to microfinance came as a new and refreshing light to these needy segments of the population as it provides small valued loans (micro-credit) to support their micro-scale businesses and engage in productive activities. As emerging technology started to be incorporated into every aspect of society, thus microfinance also needed to be incorporated into the technology. An application is required to protect data integrity and smoothly influence the microfinance sector. As the databases are vulnerable to data manipulation, this can affect the transaction history of the loan. Blockchain technology can be used to solve this problem, as data in the Blockchain is stored immutably. So, we designed a microfinance application that uses blockchain technology with decentralised KYC architecture to reduce multiple KYC verification and easy access to micro-credit.

Anonymity forms the basis of decentralized ecosystems, leading to an increase in criminal activities such as money laundering and illegal currency trading. Especially in blockchain-based metaverse services, activities such as preventing sexual crimes and verifying the identity of adults are becoming essential. Therefore, avatar authentication and the KYC (Know Your Customer) process have become crucial elements. This paper proposes a mechanism to achieve the KYC process by verifying user identity using smart contracts. Users obtain an SBT (Soul Bound Token) from the metaverse service provider through the DID (Decentralized Identity) credential issued during the KYC process. The identity verification of avatars occurs within smart contracts, ensuring user privacy and protection through ZKP (Zero Knowledge Proof). Tools for generating ZKP are also provided, enabling users, even those who are unfamiliar with ZKP, to use them conveniently. Additionally, an integrated wallet is offered to seamlessly manage DID credentials and SBTs. Furthermore, in case of avatar identity issues, users can request an audit by the issuer through the associated DID tokens. [ABSTRACT FROM AUTHOR]

The know your customer (KYC) guidelines in financial services require that institutions make an effort to verify the identity, suitability, and assess risks involved while maintaining a business relationship. The procedures fit within the broader scope of any financial institution's Anti-Money Laundering (AML) policy. Governments around the world have digitalised this process to make it more convenient and transparent by introducing the notion of e-KYC (Electronic KYC). e-KYC provides a flexibility for the users as they might even quickly complete the on-boarding process from the comfort of their homes. However, there are a few outstanding issues, such as the lack of any global standardisation, possible fraudulent activities during the e-KYC process and other privacy concerns, that must be addressed before its full benefits can be achieved. Recently, blockchain technology (or blockchain in short) has emerged as a foundational technology with possibilities to disrupt a wide range of application domains. Understandably, it is increasingly being investigated how blockchain can be a useful tool to address these outstanding issues. Towards this aim, a number of research works have emerged in the recent years. In this article, we present a systematic literature review (SLR) of these works using the PRISMA model in order to identify and critically analyse the existing researches at the intersection of e-KYC and blockchain. Based on our study we have also identified the limitations of the existing solutions and provided future directions. [ABSTRACT FROM AUTHOR]

近年來，我國在洗錢防制（Anti-Money Laundering, AML）的立法及執 行上逐漸邁入正軌並與先進國家逐步看齊，國內金融機構多數都已建置基本洗錢防制系統，並配合商業資料庫提供的名單進行認識你的客戶（Know Your Customer, KYC）與客戶盡職調查（Customer Due Diligence, CDD）中的 姓名檢核工作。然而，在實際作業中，金融機構因姓名檢核缺失被主管機關糾正或裁罰案例層出不窮，此皆肇因於姓名檢核作業的困難性以及工作的繁重，法遵洗防單位苦於沒有科技協助只能大量仰賴人力所致。 本文依據國內實際實施的困難並針對現況進行分析，並參照國外的實際 案例作法，以及符合國內情境方式引入新技術來提出建議，期望能為金融機構在採用AI 大數據等新技術執行洗錢防制負面新聞檢核時作為參考。 In recent years, our country has gradually stepped on the right track in the legislation and implementation of anti-money laundering (AML), and has gradually lined up with advanced countries. Most domestic financial institutions have established basic anti-money laundering systems, and perform the name screening operation of know your customers (KYC) and customer due diligence (CDD) process with the sanction and watchlists provided by the commercial database. However, in practice, financial institutions have been corrected or punished by the FSC (Financial Supervisory Commission R.O.C. (Taiwan)) due to the lack and missing of name screening. This is due to the difficulty and heavy workload of name screening operation. The legal compliance team suffers from the lack of technological assistance. It can only rely heavily on manpower.

The paper deals with Petr Rezek's philosophy in relation to two of his central themes, matter-of-factness (Sachlichkeit) and conflict, through the prism of the problem of non-matter-of-fact (unsachlich) quoting and its manifestations. According to Rezek, these point to the defective forms of intersubjectivity. The dialectic of quoting reason begins with a critique of these forms in order to become a true dialectic of matter-of-factness, through contrasting structures and techniques of analysis, such as the so-called boundary approach or the method of repetition. [ABSTRACT FROM AUTHOR]

تعاملات پیچیده بین بازیگران صنایع، نیازمند یک بستر هوشمند، به منظور ساماندهی کارا و دقیق اطلاعات، می‌­باشد. فناوری بلاکچین، پتانسیل ایجاد تغییرات بنیادی در سازمان­‌ها را دارد. مسئله‌­ای که این تحقیق قصد دارد به آن بپردازد این است که با استفاده از فناوری بلاکچین چگونه می‌­توان پیچیدگی­‌های هماهنگیِ تعاملات سازمان تأمین اجتماعی، در راستای فرایند مدیریت اطلاعات­، تسهیل نمود؟جوهره منطقی پژوهش نظریه کنشگر_شبکه و استراتژی عملی پژوهش، آینده‌­پژوهی است. داده­‌های پژوهش، بر مبنای روش تئوری زمینه­ای، گردآوری و تحلیل شد. نمونه‌­گیری مبتنی بر هدف، بین 36 نفر از خبرگان، تا اشباع نظری، استمرار یافت؛ سپس فرایند ساخت سناریو بر اساس روش ماتریس شبکه جهانی کسب­‌وکار، تا رسیدن به سناریوی ایده‌­آل ادامه یافت. پس از استخراج انواع سناریوهای سازمان پس از پیاده­سازی بلاکچین، به روش سناریونویسی، در سناریوی ایده­‌ال سازمان مشخص شد سازمان می­‌تواند به بهترین نحو این فناوری را در ارتباط با سایر بخش­‌های مرتبط با خدمات سازمان، پیاده سازی و از مزایای آن استفاده نماید.با حضور کنشگران شبکه و تشکیل بلاکچین مجاز، تمام سازمان‌­هایی که رویه­‌های کاری اشتراکی دارند، قادرند به اطلاعات لازم برای تسهیل رویه­‌های کاری خود، در حداقل زمان و با حداکثر سرعت، دست یابند. گردش اطلاعات در شبکه به این صورت، بسیار روان می­‌باشد و بسیاری از روال­‌های دست و پاگیر، عملا حذف می­‌شوند.

Copyright of NCTU Law Review is the property of National Yang Ming Chiao Tung University, School of Law & Taiwan Technology Law Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The COVID‐19 pandemic has emerged as a highly transmissible disease which has caused a disastrous impact worldwide by adversely affecting the global economy, health, and human lives. This sudden explosion and uncontrolled worldwide spread of COVID‐19 has revealed the limitations of existing healthcare systems regarding handling public health emergencies. As governments seek to effectively re‐establish their economies, open workplaces, ensure safe travels and progressively return to normal life, there is an urgent need for technologies that may alleviate the severity of the losses. This article explores a promising solution for secure Digital Health Certificate, called NovidChain, a Blockchain‐based privacy‐preserving platform for COVID‐19 test/vaccine certificates issuing and verifying. More precisely, NovidChain incorporates several emergent concepts: (i) Blockchain technology to ensure data integrity and immutability, (ii) self‐sovereign identity to allow users to have complete control over their data, (iii) encryption of Personally Identifiable Information to enhance privacy, (iv) W3C verifiable credentials standard to facilitate instant verification of COVID‐19 proof, and (v) selective disclosure concept to permit user to share selected pieces of information with trusted parties. Therefore, NovidChain is designed to meet a high level of protection of personal data, in compliant with the GDPR and KYC requirements, and guarantees the user's self‐sovereignty, while ensuring both the safety of populations and the user's right to privacy. To prove the security and efficiency of the proposed NovidChain platform, this article also provides a detailed technical description, a proof‐of‐concept implementation, different experiments, and a comparative evaluation. The evaluation shows that NovidChain provides better financial cost and scalability results compared to other solutions. More precisely, we note a high difference in time between operations (i.e., between 46% and 56%). Furthermore, the evaluation confirms that NovidChain ensures security properties, particularly data integrity, forge, binding, uniqueness, peer‐indistinguishability, and revocation. [ABSTRACT FROM AUTHOR]

Since the advent of cryptocurrency, Blockchain has evolved as a promising technology towards diverse application areas such as education, healthcare, supply chain management, etc. Various institutions, essentially, the financial institutions, use traditional Know Your Customer (KYC) for the identity verification of a customer. However, KYC being manual and labor-intensive process, the repetitive task of onboarding different institutions by any customer makes it cost inefficient. With decentralized Blockchain technology, the overall efficiency of KYC can be increased manifold in terms of improved speed, minimum onboard time, reduced risk and total cost involved. In the paper, we conduct a PRISMA guided systematic review on the use of Blockchain technology for KYC and its application areas from 2014 onwards. Lastly, the Blockchain platforms such as Ethereum and Hyperledger along with related case studies have been presented followed by future directions in KYC. [ABSTRACT FROM AUTHOR]

The blockchain technology is a prominent, reliable and secure technology which is getting into almost every industry. The fundamental essence of blockchain technology offers features like transparency, decentralization, immutability, resilience, disintermediation, collaboration, security and trust. In this paper, we have focused on how the present banking industry, especially the KYC document verification process, can be impacted after using blockchain to store and track the records. The current day banking KYC processes are highly reliable on paper which is an outworn process. It is utmost essential today to have an upgraded KYC system, embedded with a reliable and trustable technology like blockchain, that could withstand frauds, and resolve the scalability and security issues. In the proposed system, the use of blockchain in KYC process restricts the presence of middlemen. This results in a reduction of fraudulent activities and errors that may occur when there are a lot of manual activities involved. Furthermore, the document verification process is only conducted only one time, no matter what is the number of financial institutions with which the customer is working with. This system provides more efficiency, reduction in costs, enhanced customer rendezvous and end-to-end transparency during the process of integrating the customer documents into the bank database. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to describe the opportunities and limitations of cryptocurrencies as a tool for money laundering through six currently available "open doors" (exchange mechanisms). The authors link the regulatory dialectic paradigm to know your customer and anti-money laundering evasion techniques, highlight six tactics to launder funds with virtual assets and investigate potential law enforcement and regulatory alternates used to reduce the incidence of money laundering with digital coins. Design/methodology/approach: The methodology used is the analysis of significant recent events and the availability of "fintech" crime-fighting tools and a literature review focusing on the application of the regulatory dialectic to innovations in existing crypto-asset markets that make them compelling to money launderers. Findings: The authors examine the illicit use of cryptocurrency through Kane's regulatory dialectic paradigm, identify a number of avenues for crypto to fiat exchange that are still available for those seeking to launder money using digital coins, review recently "closed doors" and make recommendations regarding the regulation of crypto-related markets that may assist in making them less desirable for potential criminals. Research limitations/implications: The research is constrained by the state of the market for crypto to fiat exchange as of time of writing; the technology and products to launder money using these open doors is continually changing (as predicted by the regulatory dialectic). Social implications: The regulatory dialectic predicts that regulatory response is reactive and often increasingly burdensome or oppressive. There is continuous innovation in the cryptocurrency market, which seeks to preserve privacy and anonymity with which regulators seek to keep up. From a social perspective, the response of bank regulators worldwide to existing open doors for crypto to fiat exchange used for money laundering may prove costly to individuals engaging in legitimate transactions, as well as financial criminals and may also erode the ability of individuals to maintain privacy regarding their financial information. Originality/value: To the authors' knowledge, there are yet no broad overview regarding the feasibility of money laundering across crypto-related assets within the paradigm of the regulatory dialectic. [ABSTRACT FROM AUTHOR]

Corporate strategies have been increasingly confronted with the need to measure and manage corporate reputation. Despite the importance associated with measuring and assessing reputational risk, the effectiveness of techniques that accomplish these tasks have not kept pace

This paper discusses the importance of effective data management and automation when onboarding and carrying out KYC (know your customer) on clients, thereby providing a holistic view of the challenges and solutions in the client lifecycle management space. In most firms, KYC remains a largely manual, time-consuming and error-prone process. The lack of competency in this area is reflected in the high level of fines levied by the Financial Conduct Authority (FCA). Last year the UK saw in excess of £229m fines issued for compliance breaches. We will investigate the data management practices and automation required by firms to comply with AML and KYC regulations, covering data completeness, timeliness and quality of data — so companies can demonstrate compliance to the fullest extent with the regulators. The key to success is being able to understand all the strategic implications of data management and how to align the firm's data strategy with the overall business and compliance strategy to ensure: A good customer experience Flexibility to react to regulatory and market changes Accountability for data ownership Internal commitment to data quality It covers the methodologies used to enable the control and management of end-to-end data — bringing data management, onboarding and KYC operations together to ensure optimum efficiency and regulatory compliance. [ABSTRACT FROM AUTHOR]

Blockchain has spiked a lot of interest in this decade both from technology perspective and also from the various applications of this potential disruptive technology. This paper performs a systematic review of the research and adoption progress of the much talked about Blockchain technology in the context of Customer Onboarding and KYC for Global Banks. This systematic review embraces the prominence of the peer-to-peer technology and the substantial role it can play in the complete revamp of the KYC processes for Global Banks world-wide. This paper proposes a design for consortium based solution in recent rise of risk events in global markets around reconnaissance and security breaches where the customer data privacy was compromised. The increasing annual budgets for KYC and Annual Refresh for high risk customers has become a norm in the light of terrorist attacks in 9/11 and others. The regulators also have increased the compliance checks for customer onboarding processes and then a plethora of other compliance rules to perform the regular ongoing Trigger Event KYC (change of address, change of source of funds and many more). The need for a check on AML at a macro-economic level aligned to regulations like Patriot Act, Bank Secrecy Act but also at a micro level by performing credit and operational risk management. Strict KYC norms make sure the banks and accountable executives adhere to the fact that every customer has to prove the legitimacy of their existence by submitting Proof of Identity and Proof of Address along with documents supporting Source of Wealth. This paper details on how to determine the need for Blockchain for KYC and then study the benefits of implementing Blockchain for KYC if the technology is indeed needed for the banking organization. [ABSTRACT FROM AUTHOR]

FinTech is the embodiment of technology with finance. The future-savvy firms are now including FinTech for augmentation of the financial structure of their companies. The FinTech ecosystem includes virtual currency, identity verification and authorization, credential security, blockchain application and analytics in big data technologies, which makes the financial system more technologically advance. The Government of India has spent around $19 bn for encouraging FinTech start-ups. However, the main concern is now to adapt a transformative approach rather than additive. In this paper, we have examined the feasibility of the technologies being used in the present generation. We have also scrutinized the future scope of FinTech in India from a post-demonetization perspective. Awareness level of young generation about FinTech was accessed through a structured questionnaire and its future scope predicted. [ABSTRACT FROM AUTHOR]

Correspondent banking is vital to today's globally networked world, yet in some locations there has been a significant decrease in the number of correspondent banking relationships. The Legal Entity Identifier (LEI) tackles the root causes of this development by helping with issues relating to due diligence and know your customer (KYC) obligations. Some actions to support the further use of the LEI are already in place, such as BIC- to-LEI mapping, the introduction of the LEI on an optional basis in SWIFT MT payment messages and the mandatory use of the LEI for reportable transactions within the European Union pursuant to the Markets in Financial Instruments Regulation and the European Market Infrastructure Regulation. Nevertheless, in terms of the global distribution and promotion of the LEI, there remains much to be done. This paper argues that banks, in particular, should seize this opportunity to embrace the LEI as they have so much to gain from it, most notably with regard to customer due diligence and facilitating their internal processes. The paper also discusses what the future may hold for correspondent banking and the LEI. [ABSTRACT FROM AUTHOR]