Know Your Customer

From MgmtWiki
Jump to: navigation, search

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.

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 require risk reduction in two orthogonal directions:

  1. Risk of loss of money by the bank,
  2. 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:

  1. Distilled Analytics uses behavior prediction, which is ultimately the only known source for establishing Trust.