The future of KYC is…

Astyanax Kanakakis is CEO & co-founder of KYC andAML software platform norbloc (www.norbloc.com).

We have reached saturation point with current anti-money laundering and counter financing of terrorism (AML/CFT) processes, says Astyanax Kanakakis of norbloc. Banks are overwhelmed with onboarding and remediation work and simply throwing more resources at both has tipped into diminishing returns. The status quo is siloed, paper-based, and restrictive. Meanwhile, organizations are not collaborating by sharing the know your customer (KYC) data they have already gathered, leaving valuable work on the table. The industry needs a solution that enables institutions to share information that is secure, efficient and equitable.