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

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

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...

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.)

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From Fintech to Regtech: The possible use of Blockchain for KYC

From Fintech to Regtech: The possible use of Blockchain for KYC

Banks have not had the best of times this decennium. The backlash of the financial crisis, low interest rates, strict regulations, government control and low consumer trust have forced banks to change their general approach, shifting from money first to rules and risk first.

Technological innovations referred to as “Fintech” that use technology to provide automatized financial products have the potential to undermine the traditional positioning of banks. 

Read the full white paper (pdf) "From Fintech to Regtech: the possible use of Blockchain for KYC " by Initio Consultant Yvonne Lootsma.

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