Role of Blockchain in Enterprise KYC
KYC checks are now entering the mainstream but not narrowed to Banks and Financial Institutions. Commercial organizations of diverse industries such as manufacturing, retail and services need to implement KYC checks as a screening process. Increasing number of money laundering, financing of terrorism and criminal behaviors, Governments around the world proposed legislation to maintain an efficient KYC process. While there have been regulatory requirements for banks and insurance companies to ‘know’ their customers, there is generally no legal obligation for non-financial organizations to conduct integrity screening. Hire Blockchain Developers Though nonfinancial organizations may not always be legally required to screen customers, they suffered reputational damage.
Let’s Understand The Importance of KYC in Enterprises/Commercial Organizations Uber: Uber Technologies Inc. is a global ride-sharing service provider. Uber has been prominent in the sharing economy, but has also been the subject of protests and legal actions since Uber’s drivers were accused of sexually assaulting passengers. The following incidents raised questions company’s screening efforts on drivers. In California, proposed legislation titled Assembly Bill 24 would require ride-share drivers