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OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), have completed a proof-of-concept for a Know Your Customer (KYC) blockchain.
This development is expected to contribute toward blockchain’s use to secure financial processes while combating anti-money laundering (AML) and the financing of terrorism (CFT).
The existing KYC process consists of submitting a set of identification documents each time an individual or corporate customer starts a new relationship with a bank. New relationships include opening an account, applying for a credit facility or buying an insurance policy.
Currently, KYC is conducted individually by banks, requiring customers to provide the same information to different institutions. The manual process can take weeks, with resources spent validating multiple physical documents to ascertain the identity of the...