decentralized-id.github.io/identosphere-dump/real-world/compliance-kyc.md
2023-05-31 22:36:44 +05:30

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Compliance, KYC

Since the same data is required and utilised by everyone, blockchain-based SSI can satisfy the demand for general service for data without creating competition while also adhering to legislation and consumer expectations around data protection.

Both CDD and EDD are part of a complete KYC process. Identity verification (IDV) at the account-opening stage is one of the most critical moments in the process, but it doesnt end there: read on to identify when your due diligence should kick up a notch.

Literature

The proposed solution concept, zkKYC, removes the need for the customer toshare any personal information with a regulated business for the purpose of KYC, and yet providesthe transparency to allow for a customer to be identified if and when that is ruled necessary by adesignated governing entity (e.g. regulator, law enforcement).

Working Group

eKYC & Identity Assurance WG. Among the many dots Mark is connecting on behalf of the OpenID Foundation is work with the Global Legal Entity Identifier Foundation, the Open Identity Exchange Trust Framework Initiatives and the Open Banking Implementation Entity.