Industry leaders around the world trust KYC-Chain because of our bank-grade compliance toolkit, user experience, scalability and reliability. We have supported more than 40 companies onboard up to one million users globally.
The fight against money laundering and terrorist financing is more important than ever. Regulators are handing out huge fines to banks and other financial institutions on an almost daily basis. Since 2009, regulators in Europe and the US have imposed over $342,000,000,000 in fines on banks for misconduct including AML violations.
KYC-Chain began working with Standard Chartered Bank in 2017, with the aim of significantly reducing customer on-boarding time and cost, as well as improving KYC quality.
Standard Chartered operates a network of over 1,200 branches and employs around 87,000 people. Generating over $14 billion in revenue per year, the British multinational was struggling to provide a smooth on-boarding experience to both retail and institutional customers.
- Customers faced painful delays in the on-boarding process.
- KYC information was submitted twice, due to a lack of communication between different regions and product types.
To bring its on-boarding experience into the 21st century, Standard Chartered Bank partnered with KYC-Chain.
Together we created an innovative solution which cut customer on-boarding times in half through the use of automated identity verification methods.
We have a project with fintech firm KYC-Chain, to improve our client on-boarding process. The project, which uses blockchain (...) can recognise and verify identities of clients in a reliable and fuss-free way.
The Impact Of Blockchain Technology On Compliance
Compliance is undergoing radical change in 2019, and likely in the years to come. The demands of international legislation designed to fight money laundering and terrorism financing, are significant and governance professionals everywhere are feeling the impact.