KYC

Full Title or Meme

Banks and other financial institutions where told that they need to Know Your Customer, or KYC to help the financial regulators with Anti-Money Laundering (AML).

Context

KYC essentially means that the Verifier gets sufficient User Private Information to be able to track the flow of money in transactions that are deemed by financial authorities (like FinCen) to be money laundering. Typically called IAL2.

Solutions

• FAPI 2
• GAIN
• KYC can also be viewed as a collection of data that can be shared as SSO with other financial institution to quickly create new banking relationships. https://www.linkedin.com/pulse/reusable-kyc-gartners-decentralized-identity-market-guide-9jbyc/