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By Frank ROESSIG, FinTech Lead at Proximus
KYC needs a fundamental rethink in view to become a client-friendly and efficient process. Digitalization and Distributed KYC are the way forward as novel technologies open the door to new ways of working. But collaborative thinking as well as a network-based approach will also need to be part of the equation.
KYC - Know Your Client - is a regulatory requirement for the Financial and other sectors. Indeed, anti-money laundering (AML), counter terrorist financing (CTF) but also other regulations like MiFID/PRIIPS and FATCA impose a KYC process on a wide variety of entities. This activity is costly, as it often entails manual and recurring tasks.
It is also sensitive, since regulators have...
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