KYC Showcase Dissemination: Animations of the Use of Future KYC Service

DIGINNO WP3 was aimed to the digitalization of cross-border government to business (G2B) public services. One of the selected show-cases was cross border remote Know-Your-Customer (KYC) processes.

Within this show-case was created an ideal KYC solution, which will support real-time machine-readable data exchange, future cross-border data flow, and trust to such service.

Some of the demand for such future KỲC service:

  • KYC app/portal automatically collects common and necessary data from national and other databases to perform the KYC (Know Your Customer) procedure based on predefined profiles.

  • This KYC service is not a massive database, but a tool that mediates data between the source and the data recipient.

  • This KYC service can be used by obliged entities to fulfill their KYC obligation, and it also allows the exchange of data to make a voluntary KYC.

  • Profiles created in the KYC app/portal are interoperable and data is exchanged always in real-time.

  • Data will be collected and transmitted with the consent of the data subject. This person can at any time see who has initiated data requests about him or her and manage the consents of his or her data requests.

For better visualization of such KYC service, we have created two animations, which will explain how we could benefit and use such service in the future. The KYC will be as simple as just a push of a button.

An example of how the KYC will be conducted from the perspective of a private person.

An example of how the KYC will be conducted from the perspective of the obliged entity.

Could the future become real? Yes! Already both Latvia and Estonia are creating their national KYC utilities which will follow the main KYC ideal solution principles developed under DIGINNO.

CONTACT

Lead Partner

Ministry of Economic Affairs and Communications of Estonia

Suur-Ameerika 1, 10122 Tallinn, Estonia

diginno@mkm.ee

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