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.
Crime needs money, governments have learned to "follow the money".
Governments, at least in the US, require community banks
Money flows are leaving the Western style banking networks.
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:
- Distilled Analytics uses behavior prediction, which is ultimately the only known source for establishing Trust.