Know-your-customer (KYC) and anti-money-laundering (AML) practices required of young fintech and crypto startups when onboarding customers.

IN 1970, the U.S. passed the Bank Secrecy Act. From then on, anyone dealing in finance was under ever-stricter orders to monitor the activity of their customers, pass details of suspicious activity to the authorities and block financial access to undesirables. The direct cost of this compliance to the financial companies is now in the billions every year.  The U.S. has encouraged KYC/AML regulations to spread around the world, with most countries adopting them.

The article implores the financial and social implications:   Know-your-customer (KYC) and anti-money-laundering (AML) practices required of young fintech and crypto startups when onboarding customers (https://www.coindesk.com/theres-a-bigger-scam-than-anything-in-crypto-its-called-kyc-aml/)

 Contributed by Magdalena A K Muir