View source for Know Your Customer

==Full Title or Meme==
Depository Financial Institutions (aka Banks) are required by the Anti-Money Laundering legislation in all developed countries to [[Know Your Customer]] and report on large financial transactions by that customer's [[Identity]].

==Context==
Crime needs money, governments have learned to "follow the money".

==Problems==
Governments, at least in the US, require community banks

Grameen

Money flows are leaving the Western style banking networks.

Block chain for money and [[Identity]] is an [[Existential Threat]] to the [[Rule of Law]] by hiding responsibility. If you can't find the perpetrator of a crime, you cannot control crime.

==Solutions==
Solutions require risk reduction in two orthogonal directions:
#Risk of loss of money by the bank,
#Risk of loss of control of crime by the government.
While most of the businesses that help banks with these risks are very quiet about their "proprietary" methods, there are a few that publish some information:
#[https://distilledanalytics.com/identify-risk-accelerate-onboarding/ Distilled Analytics] uses behavior prediction, which is ultimately the only known source for establishing [[Trust]].

==References==


[[Category:Identity]]
[[Category:Privacy]]