Know your customer (alternatively know your client or ‘ KYC ’) is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.
Anti-Money Laundering (AML) Software is software used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. There are four basic types of software that address anti-money laundering: transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems and compliance management software.
Electroneum enforce KYC compliance on their systems. These systems are built on top of the ETN blockchain and by complying with EU regulations, commercial partners are able to have the confidence to integrate their products and services with cryptocurrency. For example, third parties are integrated directly into the mobile app allowing users from over 140 countries to purchase airtime with ETN from their phone.