Shyft, a procider of KYC/AML infrastructure for the global economy, has announced an open and unified blockchain framework for the standardization of regulatory, compliance and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML). The Shyft Network’s blockchain-based system will let users securely obtain, store, inquire into and work with compliance-satisfying data to help them reduce costs and increase effectiveness while increasing consumer data security.
Joseph Weinberg, Shyft Chairman, said: “In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, industry players have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.”