Blockchain for KYC: As a FinTech Problem Solver - Cygnet

The most significant fears for financial institutions and banks are regulatory compliances. In the past, regulation was seen as a barrier to enter into Financial Services. Compliances were complex, difficult to comply with, and impossibly intricate for new organizations to adopt. It is a mandate for financial institutions to clearly identify and create a risk profile for each of their customers. Let's think of a situation, where a financial organization's KYC (Know-your-customer), which is a critical part of client onboarding, fails to show up a suspicious transaction done by another financial institution due to insufficient validation of the primary documents.