KYC is an acronym for "know your customer," was adopted in 2003 to curb the flow of money to terrorist cells. The law requires financial firms to maintain a baseline of verifiable identifying information about each customer. KYC requires companies to maintain a thorough Customer Identification Program (CIP), match customer names against lists released by federal and international law enforcement agencies (“name matching”), us statistical predictions of a customer’s expected behavior and suspected risk of committing a financial crime, continually compare a customer's actual behavior compared to its risk profile and the behavior of similar customers. Blockchain is an ideal platform for an automated, secure, trustworthy KYC solution to improve the client experience.
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