How Blockchain is Solving the KYC/AML Woes?

Ayush Khanna31 Aug, 2021Business

Know your customer (KYC) and anti-money laundering (AML) rules, while very useful for preventing and tracking crime, can also be a major burden for financial institutions such as banks. The reason is because complying with KYC/AML regulations is time consuming and expensive. In fact, financial institutions spend an average of $60 million per year on KYC compliance. This is because there is an extensive amount of administrative work that must be done to comply with all of these regulations, and it takes significant bank resources to comply.