Euro Exim Bank leveraging blockchain Solutions for anti-fraud, aml and KYC among banking industries

With the tightening regulations and increased compliance requirements in the financial sector, how do you leverage the latest DLT/blockchain solutions for anti-fraud, AML and KYC among banking and financial industries?

With advanced mobile, smart connectivity, customer expectation is driving demand for more-efficient and ever-cheaper services from financial institutions. However, if new Open Banking is available, IoT is expanding, faster mobile networks are becoming common, why is it still taking weeks or months to open an account or complete a KYC process?

How will banks change legacy systems and deliver the services that connected people demand today, if they are to survive the next wave of growing competition from agile challenger institutions? Is compliance at fault?

The perception of compliance is that it is bureaucratic, burdensome, costly, slow, repetitive and frequently stifles entrepreneurial flair to the detriment of lasting business. And for many, this is no different in practice.

The use case for DLT in payments is strong, and even more so when assessing the issues and possible remedies in tackling fraud with KYC/AML and compliance.

Fortunately, DLT can provide the technology to improve the heavy, data-bound process. Addressing the fundamental issues of internal, intra- and interbank data sharing, DLT will assist submissions and oversight with regulators, and more rapidly identify foreign accounts used for illegal and fraudulent drug- and terrorist- financing transactions.

For KYC, AML and due diligence across an enterprise, proliferation of paper, identification of false positives, multiple submissions of data, identity assurance and manual reconciliation times can be drastically reduced.

Coupled with efficient verification of KYC data, through DLT technology, rapid cost-effective on-boarding, faster loan servicing and efficiency in creation, communication and one-touch handling of trade documents will enable banks to offer systems enabling long-lasting, cost-effective customer experience.

Whilst banks should not underestimate the investment and commitment in terms of budget and resource to implement such DLT/blockchain technologies, failure to plan, act and compete will have a serious impact on long-term institution viability.

Important Notice: Euro Exim Bank Ltd would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services of the Bank or any intermediary bearing similar names. You should verify with Euro Exim Bank by calling the Bank’s Customer Service Number on +44203 011 0133 or emailing info@euroeximbank.com. Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Euro Exim Bank.