Know Your Customer costs are spiralling due to increased AML requirements. Often the same checks are being performed repeatedly both within and across financial institutions. DLT can potentially be used to enable portable financial digital identities that can be used across multiple institutions avoiding this unnecessary duplication of requests. Steve will show what such a DLT application may look like and consider what barriers there could be to make it work. Ultimately we believe a portable financial digital identity could have great utility both within and beyond financial services, leveraging core capabilities that already exist in banks.
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