KYC/KYB
Parent: Digital Identity & Credentials
Description
Know-your-customer / business verification.
Summary
Compliance and onboarding.
Challenges
Regulation (AML/KYC) varies by jurisdiction and sector; reuse of KYC across institutions is often not permitted or is contractually restricted. Duplicate onboarding is costly for firms and burdensome for users. Storing or sharing KYC data raises privacy and security concerns.
Opportunities
Reusable KYC via attestations or verifiable credentials can reduce duplication while preserving regulatory responsibility. Attestation-based flows allow relying parties to verify without holding raw documents. Interoperability with identity frameworks (eIDAS, national ID) is emerging.
Proof of concepts
- (2024)· Ethereum
EU-wide initiative for verifiable credentials and public services.
- (2023)· Ethereum
Open attestation registry for credentials and claims.
- (2023)· Various
Standards-based verifiable credentials in government and private sector.