Various studies have determined that by employing the use of distributed ledger technology for Know Your Customer (KYC) requirements, banks would not only reduce operational and compliance costs, but also increase the efficiency of their compliance processes. Using the technology, access to KYC data can be shared by banks and accredited organizations would have no need for a duplicated KYC process.
Conclusion After much discussion and debate, we have to accept that, after nearly seven very challenging years, new challenges are being faced, which poses specific risks for emerging economies in particular. Some of these challenges include the unwinding of the extraordinary monetary policy actions in the US which is largely untested territory as there is no prior history to guide us.