Difference between revisions of "Know Your Customer"
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Money flows are leaving the Western style banking networks. | Money flows are leaving the Western style banking networks. | ||
| − | Block chain for money and [[Identity]] is an existential threat to the | + | 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== | ||
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#Risk of loss of control of crime by the government. | #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: | 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 | + | #[https://distilledanalytics.com/identify-risk-accelerate-onboarding/ Distilled Analytics] uses behavior prediction, which is ultimately the only known source for establishing [[Trust]]. |
==References== | ==References== | ||
Latest revision as of 12:37, 16 September 2018
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:
- Distilled Analytics uses behavior prediction, which is ultimately the only known source for establishing Trust.
