Blockchain Solutions to Prevent Money Laundry
Preventing Money Laundry
If senders and receivers have unique addresses in the blockchain, all identity verification standards (KYC) and anti-money laundering regulations (AML) can be applied in which case there will be a very secure and fast anti-money laundering system.
By combining and integrating accurate and valid identity verification blockchains with blockchain payment systems, the best supervision and transparency will be applied to such transactions.
On the other hand, blockchain is able to encrypt legal settings. In other words, the verification process and function of blocks in blockchain can be a translation of legal governmental processes into digital codes. For example, regarding the banks, this leads to an increase in the efficiency of anti-money laundering situations.
Blockchain can be set to take different responsibilities, for example, allowing a transaction to take place or according to regulations that are applied to it, we send the report of the transactions that have taken place to the responsible people. This enables the banks to automatically process their transactions or their transaction reports.