Proof of Concept to Implement DistributedLedger Technology for Anti-Money Launderingand Know Your Customer for the EuropeanRegion

Abstract

There has been exponential growth in the use of digital technology around the globe in many businesses, due to the rapid technological advancement. The FinTech innovation like Machine learning, Artificial Intelligence and Distributed Ledger Technology (DLT) are revolutionizing the way business are being done today. One such industry that has been greatly influenced is the financial sector, with introduction of cryptocurrency as an instrument for buying and selling goods. This paper has objectives on implementation of DLT technology in a form of Proof of Concept for carrying out Anti-Money Laundering and Know Your Customer operation for the financial institution. As this from the first line of defence for the institution and the first point of user experience making it critical for the organisation. In the solution that user will be provide with control of the information and the organisation will be able to more transparent and auditable in line to the various financial regulation.