This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthor

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Know Your Customer
Know Your Customer

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!!! Overview
[{$pagename}] ([KYC]) is the process of a business identifying and verifying the identity of its clients.
!! [Customer Identification Program] ([CIP])
In the [United States], [{$pagename}] is more formally known as [Customer Identification Program]
! Inefficient & Painful [{$pagename}]
Recent estimates indicate that in the [United States] over $40B USD is spent complying with [{$pagename}] [regulation] each year, in addition to the trillions of hours of associated time costs. This cost is necessarily high because [relying parties|Relying Party] cannot quickly and easily access up-to-date [Identifier] [data], perform [Validation] the [data], or screen it to satisfy their [Regulatory Agencies] requirements. Therefore, [relying parties|Relying Party] must send new requests to the identity owner, treating every identity owner as a ‘blank canvas’ and forcing them through the fully robust [{$pagename}] process.
The time and effort expended by one [relying parties|Relying Party] to perform [validation] checks cannot be reused or recycled and is not leveraged in future requests. If the identity owner decides to change [Service Providers], these same checks need to be completed by the new [Relying Party]. The identity data is not “ported” to the new service provider and so ends up being held by multiple providers, many of whom hold redundant, yet still highly [Sensitive Data], for individuals who are no longer their [clients] or [customers].
!! More Information
There might be more information for this subject on one of the following:
[{ReferringPagesPlugin before='*' after='\n' }]
This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop