Blockchain startup Kyckr to help banks fight terrorism and money laundering

Crime | July 25, 2016 By:

Kyckr announced it is pushing ahead with blockchain strategies to help banks in the fight against international money laundering and the financing of terrorism.

Kyckr, a real-time platform provider with access to 153 business registers, is an IPO candidate that has developed a blockchain-based global real-time identity verification. The company is working on building a distributed ledger-based application for banks to meet the standards of Know Your Customer (KYC) regulations, which require financial institutions to obtain personal data of their customers.

The CEO of Kycker, David Cassidy, says he believes his firm is the only one of many KYC utility providers in the world looking to establish a blockchain network that can provide real time corporate identities.

Considering magnitude of the losses of major financial institutions, Cassidy and the Kycker team suggest that an irrefutable and blockchain-based secure identity platform could help banks keep up with tight KYC regulations around the world.