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Innovations in ID Authentication, KYC, Client Onboarding & AML


60 Second interview with:

Cody Olson, Juriste, CIL Consulting

How much of our current identity and KYC processes can be digitised, and how quickly can this happen?
The KYC and identity verification processes can both be entirely digitised. Financial institutions and sub-contractors alike are already working on software to streamline these processes.

How will the involvement of non-bank players in the identity and KYC space will affect the market?
Non-bank players have been creating their niche in KYC processing for a few years now. The difference today is the technical capacities growing exponentially that allow for a mass analysis of bulk data such as news articles, personal data, open data and public data to create "verified" or "trusted" KYC and KYP profiles.

What would it take for firms to roadmap their future identity and KYC processes alongside an entity-centric model?
It would take a major financial investment into the development or purchasing of analytic software. Consequently, it would inherently imply a strong analysis of the data protection implications and the risk for natural persons or "entities" at the start and during the entire business relationship.

How are new identity and KYC practices responding to incoming data protection obligations?
Unfortunately, there is still a major and profound gap between KYC tools and practices across the board and data protection. The companies that will be avoiding data protection administrative fines will be the ones which understand the balance between identification and data minimisation.

How do you view of the use of biometrics in identity authentication?
Biometrics has been a strong tool to authenticate individuals for payment and financial services. However, using biometrics for KYC and identity verification entails the storing and processing of sensitive personal data which dramatically increases the data protection risk for institutions and sub-contractors.

Why will you be joining the Identity & KYC Summit, and what do you hope to get out of the event?
I will be attending the summit to provide an insight into how data protection and KYC are two sides of the same identification coin. They are neither contradictory nor incompatible; rather, they walk hand-in-hand when fulfilling due diligence requirements. I hope this summit will provide participants with practical guidance on the future and evolution of KYC inside of the AML and digital regulatory frameworks.