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60 lines
8.1 KiB
Markdown
60 lines
8.1 KiB
Markdown
---
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title: KYC\AML and Self Sovereign Identity
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description: SSI solutions offer opportunities to obtain more accurate background data, faster
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excerpt: >
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traditional KYC/AML practices can give way to a more practical framework, where businesses can remain compliant with regulations and collect data without threatening privacy, data security, and breaching data laws.
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layout: single
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permalink: application/kyc/
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canonical_url: 'https://decentralized-id.com/application/kyc/'
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categories: ["Application"]
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tags: ["KYC","Compliance","eKYC","Cryptocurrency","KYC-Chain","Real World"]
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last_modified_at: 2023-06-16
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---
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## Explainer
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* [Importance of an Integrated KYC solution for your compliance program](https://kyc-chain.com/importance-of-an-integrated-kyc-solution-for-your-compliance-program/) 2022-04-12 KYC-Chain
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> The way many businesses have traditionally implemented KYC is by taking a manual, fragmented approach – essentially implementing various different KYC processes using different tools, methods and resources, including human compliance teams.
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* [How can self-sovereign identity solve the challenges of KYC in financial industry?](https://yourstory.com/2022/09/self-sovereign-identity-solve-challenges-kyc-finance/amp) 2022-09 Yourstory
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> 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.
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* [Self-Sovereign Identity Verification and Background Screening](https://www.corporatescreening.com/blog/what-is-self-sovereign-identity-verification-and-how-is-it-changing-background-screening) 2021 Corporate Screening
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> self-sovereign identity verification, one of the game-changing [background screening trends of 2021](https://www.corporatescreening.com/2021-trends-interactive-infographic). When combined with screening activities, self-sovereign identity solutions offer opportunities to obtain more accurate candidate background data and deliver it to employers faster.
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* [Enhanced Due Diligence How to do it Right](https://cognitohq.com/enhanced-due-diligence-is-non-negotiable/) 2021-03-04
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> 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 doesn’t end there: read on to identify when your due diligence should kick up a notch.
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## Literature
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* [Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity](https://arxiv.org/pdf/2112.01237.pdf) 2021-11-11 Vincent Schlatt, Johannes Sedlmeir, Simon Feulner, Nils Urbach
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> We demonstrate how blockchain-based self-sovereign identity (SSI) can solve the challenges of KYC. We follow a rigorous design science research approach to create a framework that utilizes SSI in the KYC process, deriving nascent design principles that theorize on blockchain’s role for SSI.
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* [zkKYC A solution concept for KYC without knowing your customer, leveraging self-sovereign identity and zero-knowledge proofs](https://bafybeie5ixj4dkim3lgivkw56us6aakh6bc3dhlsx5zzohrkzgo3ywqqha.ipfs.dweb.link/zkKYC-v1.0.pdf) 2021-06 Pieter Pauwels
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> The proposed solution concept, zkKYC, removes the need for the customer to share 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).
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## Standards
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* [eKYC & Identity Assurance WG](https://openid.net/wg/ekyc-ida/) OpenID
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> 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.
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* [“eKYC with Mark Haine”](https://identityunlocked.auth0.com/public/49/Identity%2C-Unlocked.--bed7fada/ad784008) 2021-03-10 Auth0, Identity Unlocked
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> In this episode of Identity. Unlocked, principal architect at Auth0 and podcast host, Vittorio Bertocci, invites guest Filip Skokan to have a conversation about a few three-letter extensions to OAuth (which, incidentally, would also fit well in a pirate incantation!): PAR, RAR, and JAR. Filip is a Senior Engineer II at Auth0, the author of a popular book on open source identification, and a contributor to both the IETF and the OpenID Foundation.
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## Companies
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* [DIDComm for KYC](https://www.youtube.com/watch?v=PWrZxRbCG88) 2021-05-25 Trustbloc
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> Demonstrates a financial "KYC" identity proofing using TrustBloc DIDComm capabilities. Stored credentials and real-time attestations can be authorized in a single flow.
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### CDE Services
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* [Real World] [Age-Verification Solution TruAge to be Deployed by CDE Services, Inc., Expanding Access to Convenience Stores Nationwide](https://www.prnewswire.com/news-releases/age-verification-solution-truage-to-be-deployed-by-cde-services-inc-expanding-access-to-convenience-stores-nationwide-301597284.html) 2022-08-02 PRNewswire
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> "The convenience retailing industry conducts 165 million transactions a day and 50 million of them involve an age-restricted product. It is exciting to announce that TruAge will be implemented into thousands of stores that conduct age-restricted transactions," said TruAge CEO Kyle McKeen.
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## Crypto
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* [Gaining trust during uncertain times – How KYC crypto solutions can lead the way](https://www.idnow.io/blog/crypto-kyc-uk-trends/) 2023-01-11 IDnow
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> recently-released ‘[Crypto in KYC – Growth through trust’](https://www.idnow.io/portfolio/crypto-in-kyc-growth-through-trust/) ebook helps organizations to better understand the notoriously unstable market
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* [KYC/AML: How crypto will change a TradFi standard forever](https://blog.pantherprotocol.io/kyc-aml-how-crypto-might-change-a-traditional-finance-standard-forever/) 2021-07-27 Panther Protocol
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> traditional KYC/AML practices can give way to a more practical framework, where businesses can remain compliant with regulations and collect data without threatening privacy, data security, and breaching data laws.
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* [iXRPL - A Smart Contract-Powered, Self-Sovereign KYC Solution for the XRP Ledger](https://lexautomagica.com/wp-content/uploads/2021/07/iXRPL-Whitepaper.pdf) 2021-07 Scott Chamberlain, Richard Holland, and Ravin Perera
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> the verification is “stamped” on the User’s XRP Ledger Account with a Non-Fungible-Token, called a Human UUID, that uniquely identifies the verified individual. The User can then present their verified credentials, cross-checked against the XRP Ledger Account, to financial institutions to satisfy KYC requirements. Effectively, iXRPL “tokenises” the one-off cost of verifying your identity into a reusable asset.
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* [Ontology Partnership with Binance Smart Chain](https://medium.com/ontologynetwork/ontology-the-only-decentralized-identity-partner-for-binance-smart-chain-d531efbc569) 2021-02-20
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> Ontology and Binance have a long history of cooperation and partnership that has generated benefits for both sides, none possibly more important the integration of Ontology’s Decentralized Identity Solution into the Binance Smart Chain. The symbiotic relationship sees Ontology, and ONT ID, as the sole partner for BSC in terms of providing a truly decentralized identity option and KYC user verification.
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### KYC-Chain
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* [KYC-Chain Join Hands with enVoy](https://kyc-chain.com/kyc-chain-join-hands-with-envoy/) 2021-12-12 KYC Chain
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> KYC-Chain will enter a partnership with enVoy. enVoy offers sustainable DeFi, tokenized letters of credit, realtime x border payments, and tokenized documentation for the supply chain removing risk and creating trust for third-party trade on an end to end ESG and sustainable supply chain journey.
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* [KYC-Chain & CrypTalk Join Hands](https://kyc-chain.com/kyc-chain-cryptalk-join-hands/) 2021-08-21 KYC-Chain
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> CrypTalk is a messaging service designed to bring together verified projects and potential investors by creating a safe and secure crypto space. Crypto projects undergo thorough verifications and a number of security measures before being verified by CrypTalk.
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