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What is KYC (Know Your Customer)

Chapter 3
Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance
Due to anti-money laundering regulations, a financial institution needs to collect basic identifying information from real persons and legal entities before working with them as customers. The KYC verification process ensures that the financial institution will not act as an intermediary in money laundering or terrorism funding activities.
Published in Chapter:
Blockchain Technology and Future Banking: Opportunities and Challenges
Derya Üçoğlu (Istanbul Bilgi University, Turkey)
Copyright: © 2022 |Pages: 26
DOI: 10.4018/978-1-6684-4133-6.ch003
Abstract
In recent years, the blockchain emerged as a trending technology, and the innovations introduced by blockchain technology have influenced financial services as well as other sectors. The banks are currently using several blockchain applications, but they are not mature and still not widely adopted. Despite the numerous benefits, blockchain has many challenges to be solved, such as lack of regulation and governance; energy and other costs of development and implementation; interoperability, technical, security, and privacy problems; and user-related challenges. Therefore, this chapter aims to overview blockchain technology and discuss the opportunities and challenges for the future banking sector concerning the extant literature.
Full Text Chapter Download: US $37.50 Add to Cart
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Chapter 5
Blockchain Technology and General Issue of Tax Evasion via Bitcoin
KYC related practices are especially relevant in user and client relationships with business. It is the first step in a customer’s good relationship with a company.
Published in Chapter: Blockchain Technology and General Issue of Tax Evasion via Bitcoin; From: Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector
Full Text Chapter Download: US $37.50 Add to Cart
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