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What is KYC Regulation

Chapter 10
Challenges and Opportunities of Corporate Governance Transformation in the Digital Era
Is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information.
Published in Chapter:
Sovereign Bureaucrats vs. Global Tech Companies: Ethical and Regulatory Challenges
Alexander A. Filatov (GenezisTechCapital, Russia)
Copyright: © 2020 |Pages: 11
DOI: 10.4018/978-1-7998-2011-6.ch010
Abstract
We live in a changing world. Disruptive technologies and digital platforms particularly are reshaping the world, making it more open and accessible on the one hand, but more fragile and uncertain on the other, rising risks of cybersecurity, personal data security. Do markets really need any kind of regulatory interventions under these circumstances? We see many cases where “state bureaucrats” impose restrictions on global companies based on digital platforms – technology champions. Are those actions effective, do they make sense in terms of global security, or it is only political game?
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