In an animated conversation, Adriaan Hoogduijn and Auke Dirkmaat highlight the most important trends in KYC for the coming years.
Two things stand out: consumers want to retain ownership of the data they provide to financial institutions, and good KYC is becoming crucial for the survival of institutions in the crypto industry.
Auke: “Consumers retain control of their own data. Compared to five or ten years ago, consumers no longer simply transfer all their data. That is an important shift when it comes to onboarding an account or taking out a mortgage or other financial product.”
Adriaan: “Consumer confidence is becoming fundamental for platforms such as Bitvavo or Binance. Being under supervised by a regulator can be the key to gaining that consumer confidence and thereby improving their competitive position.”
This week Hyarchis released the report Predictions in KYC & AML. Download here for more insights into the latest developments in effective compliance.