Blockchain as the Newest Regtech Application— the Opportunity to Reduce the Burden of KYC for Financial Institutions

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Blockchain as the Newest Regtech Application— the Opportunity to Reduce the Burden of KYC for Financial Institutions

by Yvonne Lootsma, Consultant @ Initio Brussels. A paper previously published in Banking & Financial Services Policy Report, Volume 36 • Number 8 • August 2017 (Wolters Kluwer ed.)

The aim of this paper is to provide insight into the regulatory landscape surrounding much criticized regulatory reporting and know your customer (KYC) requirements for financial institutions and to describe how regulatory technology can be used for improvement.

Summary.

  • Introduction
  • Know Your Customer (KYC)
  • REGTECH
  • Blockchain
  • Client Identification and Verification
  • KYC for Professional Entities
  • Customer Screening
  • Additional Information and Customer Risk Analysis
  • Publicly Accessible Information
  • Surveillance Reviews, Updates and Transaction Monitoring
  • Tax Reporting
  • Conclusion
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Yvonne Lootsma is Consultant @ Initio Brussels for the business line Regulatory, Risk & Compliance. 

She has the equivalent of 3 years of experience within the banking sector, in which she has worked on compliance related processes and projects. She has acquired a good operational understanding and knowledge of CDD/AML processes (Customer Due Diligence, FATCA, CRS/AEOI, KYC, …) .responsible for the training of new colleagues.