R3 creates proof of concept for shared KYC service

Ten global banks work with R3 using distributed ledger to build concept for know-your-customer registry

know-your-customer
Costly compliance: KYC s a challenge for banks onboarding new clients, says R3

Blockchain technology firm R3 has developed a proof of concept for a shared know-your-customer service (KYC) that will enable participants to create and manage their own identities, in a move it says will tackle the challenges of satisfying regulatory requirements calling for financial institutions to guard against money laundering.

"The growing complexity and cost of KYC compliance requirements presents a major challenge for banks onboarding new clients, and is having a negative impact on those

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