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HOW CAN BLOCKCHAIN SIMPLIFY KYC AND AML PROCESSES?

The distributed ledger technology possesses inherent characteristics that potentially eliminate money laundering. A public blockchain ledger can supervise, validate, and record each transaction’s complete history. The public ledger’s readers and crypto miners get immediate notification of transactions as they occur. If all the transaction phases, including destination wallet, departure wallet, currency type and amount, are anyhow left unverified, the transaction gets immediately blocked. Blockchain also enables money laundering risk analysis and reporting mechanisms. It allows overall system analysis rather than monitoring just entry and exit points.



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  1. Laila SinghFebruary 2, 2022 at 12:09 AM

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