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Blog Series

Beyond KYC Utilities

Despite leading global bodies recognizing that financial exclusion can undermine efforts to fight money laundering and terrorism financing, the high cost of complying with their requirements paradoxically makes it harder for financial services providers (FSPs) to reach underserved and unserved populations. Fortunately, new technologies, business models and ways of collaborating are emerging in the public and private sectors that could put us on the path to resolving this paradox.

This blog series investigates and highlights developments that could make customer due diligence (CDD) more efficient and effective, while potentially lowering compliance costs for providers. The series uses “KYC utilities” as a starting point, but reaches beyond this model to identify promising applications — and their implications — in the brave new world of collaborative customer due diligence.

Teller holds smartphone in Zambia. Photo: Nyani Quarmyne, IFC
Blog
12 November 2019

A Vision for Collaborative Customer ID Verification in Africa

Technology has the capacity to improve financial inclusion in Africa, but this value can be unlocked only if African leaders reduce the burden of customer ID checks.
Women in India apply for a bank loan to start a business.
Blog
04 October 2018

Collaborative Customer Due Diligence: New Ways Forward

Financial services providers, regulators and financial intelligence agencies around the world are working more closely together on customer due diligence, often with the help of new technologies. How can financial inclusion benefit?
Masai mobile banking
Blog
09 August 2018

Customer Due Diligence and Data Protection: Striking a Balance

If financial services providers are going to work together to improve customer due diligence, more flexibility will be required to exchange customers’ information responsibly.
Biometric fingerprint scanner in Madagascar
Blog
26 July 2018

6 Things You May Not Know About Biometrics

Biometrics are likely the future of identification and identity verification, but it's important to understand their strengths and limitations to ensure they advance financial inclusion.
Woman uses her fingerprint to take an instant loan in Madagascar
Blog
12 June 2018

The Biometric Balancing Act in Digital Finance

Biometric technologies are facilitating the rise of collaborative customer due diligence. It is crucial to understand all aspects of biometric solutions – security, cost, convenience, inclusiveness and accuracy – and how prioritizing one may come with trade-offs to others.
Photo: Gayatri Murthy
Blog
01 March 2018

KYC Utilities and Beyond: Solutions for an AML/CFT Paradox?

From KYC utilities to blockchain apps and new ways to collaborate on customer due diligence, recent developments are chipping away at a major barrier to financial inclusion: the high cost of meeting anti-money laundering and terrorism financing requirements.

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